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The euro goes into a tailspin on the release of the Bernanke testimony, diving about 50 pips and...

The euro goes into a tailspin on the release of the Bernanke testimony, diving about 50 pips and now down 0.4% on the day at $1.3403. It's a curious move given the lack of news in the Chairman's report, and even more curious considering the ECB conjuring up €529.5B earlier had little effect on the currency.
Comments (1)
  • rooksmith
    , contributor
    Comments (87) | Send Message
     
    From the talk on Bloomberg radio, the consensus is that LTRO is creating more liquidity, but its not enough to directly stimulate the Club Med economies. The Euro seems to goes up whenever Germany has resonably positive economic data, but down when the reality of Greece, Portugal and Italy come into focus. It does not seem to have much of anything to do with Berhanke's testimony, which essentially stated no change - status quo, low interest rates and no QE3.
    2 Mar 2012, 08:50 PM Reply Like
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