Rumor French banks have all passed the stress tests
Traders note talk of an article in Le Monde (I got Ds in college French so I don’t even want to look) saying that all the French banks have miraculously passed the stress tests.
Looks like only banks already under government control will fail, to keep jitters to a minimum..
EUR/USD is running into selling on rallies as traders remain caught long. We trade now at 1.2850.

AUTOREFRESH 













the more these euroheads talk the less confidence the market has in these stress tests
Got caught long myself this morning, so if this is just to shake the longs then should get a buy on the facts on Friday.
http://www.lemonde.fr/economie/article/2010/07/20/operation-verite-sur-la-sante-des-banques-europeennes_1390101_3234.html
Here is the article. Weird they already have the results… They are not even assuming these banks could fail given the way they say it.
The article also say that 19 banks were tested, of which 10 are “recapitalisées”, received funds from governments. The only french bank in that case is Dexia.
merci!