EUROPEAN CARNAGE EDITION
As you might have guessed from the tagline today, I’ll be focusing on Europe today. Starting with the Euro which has not fared well from 1-2 punch of the Cyprus Banks ‘Restructuring’ (i.e. Uninsured Deposit Confiscation, e.g. your €100K+ is no longer safe in European banks) + the Dutch FinMin comment about how banks will now have to save themselves if they get in trouble (e.g. bondholders, stockholders and uninsured deposits will fill the bill if banks get in trouble), the pair has gotten absolutely monkey-hammered, losing over 200 pips from the post gap high/euphoria (Cyprus is saved) deal.
It should be noted in last weeks FX market commentary, how …... Keep reading