We have a saying here in New England: If you don’t like the weather just wait 10 minutes.
Same story for EUR/USD bears. If you don’t like the news, wait 10-minutes, there’s down to be a clunker…
Yesterday we say big rallies in European bonds and banks. Today it has been the opposite. The downgrades of SocGen and Credit Agricole helped hit the bank stocks, as did the impasse in the Greek debt talks. Banks are lower and European bond yields are higher…
Risk-off again…
Technically, the failure of EUR/USD below the pivotal 1.3080 level is a very important development. IF the news-flow stays negative, the downside beckons again…
Bloomberg bank stocks index below:
