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Foreign Exchange Thoughts - May 15, 2012

Very quiet day....Euro weakness persists as the Euro group meets to discuss the current malaise...been constant pressure on euro and euro crosses all day but nothing aggressive..just grinding it lower and taking stops along the way.. The weekend press full of comments re Greece leaving the euro and even EU ministers are upping the rhetoric - openly discussing Greece not being in the Euro club - maybe as a frightening tactic to get Greek politicians to realise the enormity of the potential situation they face.

Foreign Exchange Thoughts - May 15, 2012
With all the uncertainty over Greece and mixed reactions to Spain's banking funding decisions from Friday euro remains very much in sell rally mode ( but the rallies are few and far between)- Spanish debt hit again this morning and Equities sliding as uncertainty causes investors to liquidate

Euro/$ sold off steadily to meet bids on E platforms and ahead of key support at 1.2850 – bouncing slightly off the lows on talk that Greece's Left Coalition would be willing to take part in talks that excluded the Far right - but was a “dead cat” bounce to mid 80’s and was very short lived.... Benchmark Spanish 10 year yield jumped above 6.3% today as Moody's noted that the country's bank plan will increase the government's debt burden.... Dollar on the other hand, is broadly higher, except versus yen. Dollar index jumps to as high as 80.80 with additional help from sharp decline in gold, which broke 1560 level (low 1555)....Eurusd eventually broke the 1.2850 level triggering stops but the spike down was not as dramatic as some may have anticipated as a lot of longs have already been trimmed.....eurgbp breaks down through 8000 to test the low at 0.7972 which corresponds to the low attained on November 2008 !!

Richard Wiltshire
Chief Dealer Foreign Exchange

Mardi 15 Mai 2012

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