It Started? from Craig Mee

June 16, 2011 |

 It began Tuesday NY time, highlighted by heavy selling in EUR. This was no big deal. However, then what appeared, we hadn't seen for some time.

Equities off hard, USDJPY breaking out…with Yen being somewhat weaker, and what's this.. CHF WEAKER as well! with USD shooting to the moon. Against all and sundry.

Ears prick up. CPI a bit firmer, but Notes and short end bid…can't be that. Forget about Euro troubles, that's old news. Moody's snooping around French banks, no… couldn't be that…mmm seems something's happening behind the cloak and dagger of the night, where today was going to be the day, no matter what, for a concerted liquidation of USD short positions…. And no doubt there were a few players in the game all lined up together, shooting ducks, and for us punters, there is a need to be nimble and follow the form, or start quacking.


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