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Cable dips down through the 200 week MA and heading towards sell stops

Currently sitting around a day’s low of 1.5876 just under the 200 week MA around 1.5879, which could be significant on a close tomorrow night. Below here are reported sell stops on a break of  1.5870,  ahead of some bids  towards 1.5850.

Technical support beneath then comes in at  the converging 100 and 200 day MA’s at  1.5827.

Cost of Greek exit from euro put at $1 trillion

Nerves are jangling amid reports of massive amounts of money descreetly leaving Greece.

Yesterday BOE’s Governor Mervyn King hinted at further QE if Europe fails to stabilize, and the British government is now making preparations to cope with a  potential  Greek exit from the euro.

US Pres Obama  is also keeping an eye on developments, describing the Greek situation as a “headwind” that could threaten  the US’s  delicate recovery.

More..

Spanish auction comes…….and goes

Raised 2.494 bln. top end of 1.5-2.5 bln target range.

Had to pay up though

April 2016 bond average yield 5.106% from previous 3.374%

July 2015 bond average yield 4.876% from previous 4.037%

January 2015 bond average yield 4.375% from previous 2.890%

Italian banking association: 137 bln euros of bank credit coming due in 2012

Cue the Jaws music……

• Italy bank funding from retail clients very weak, although positive in early 2012
• Working with CONSOB on steps to help bank debt issue
• Window of opportunity for Italy banks to issue on international markets appeared to be closing again

Another barnburner in EUR/USD, but there is some good news…

I’m off on a long weekend today and I won’t be back till at least Tuesday, maybe longer

Yipeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!!

Bankia clients pull out over 1 bln euros – Report

El Mundo reports, citing information from board meeting Wednesday.

New democracy leader Samaris: Greece has 2 choices….

• Elections on June17 will be about Greece remaining in the Euro, and Greece has to change with the rest of Europe or  face the horrors and isolation  of a euro exit and collapse of everything built so far.

Comments made on state run TV

Spain goes to the well this morning……

Hope it hasn’t gone dry 

Spain to tap 4.00% July 2015 bono, 4.40% January 2015 bono and  3.25% April 2016 bono

Target amount 1.5-2.5 bln

Results due soon after 08:40 GMT.

Monti, Hollande, Merkel, Cameron, Von Rompuy pre G-8 videoconference scheduled for about 15:30 GMT

According to Italian sources.

Reuters reporting.

Ya just can’t beat a good videoconference is what I say.

I’m sure they’ll sort everything out  

‘Vulture funds’ circle as Greece fears grow

Someone’s benefitting from all this Greek chaos…..