Today’s “Teflon” Currency, or the EUR to some of us, remains unaffected by any negative data and continues to climb as we go deeper into the holiday season. Friday’s mid-morning North American bounce was fuelled mostly by a London fix and some year-end demand for the single unit. It seems that this market has chosen, once again, to focus on positive Chinese manufacturing PMI data to maintain this elevated risk sentiment.
Bernanke and his fellow policy maker’s actions mid-week have, so far, given the green light to renewed risk sentiment heading into the final week of reliable trading for 2102. Currently, there are probably only two scenarios that could possibly reverse what’s taking place, the first being a disastrous fiscal cliff negotiations and the second being another implosion in Europe. The odds on either happening are not getting any shorter!
- USD/CHF Steady as Eurogroup gives nod to Greek aid
- EUR/USD Eurogroup releases bailout funds to Greece
- Eurozone to put Legal Framework for ECB Banking Supervision by Jan 1st, 2013
- Europe Reaches Deal for ECB to Supervise Banks
- FED to Boost QE with more Treasury Purchases
- BoE King Currency Wars to Heat Up in 2013
- EZ Manufacturing, Services Contract Less Than Expected
- Mario Draghi Wants New Powers Against Banks
- Libor Fixing Costs Mount
- Swiss Government Optimistic Even as it cuts Growth Forecast
- EU Releases 49.1 billion euros in Greek Aid
- Former Prime Minister Berlusconi Adds to Italy Turmoil
- Greece Manages to Buyback part of Debt at 34% of value
- BBVA to Opt Out of Spanish Bad Bank