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RUMORS OF ECB SUPPORTING EURO

By Bondsquawk:

Bloomberg Television reported that rumors are swirling around that the ECB is buying the Euro. The  latest move of ECB intervention is in response to the massive declines of the Euro.  While it is difficult to confirm such actions, the currency is reacting to the rumors apparently. The Euro is now trading at 1.2317, a gain of 1.4 percent from the trading session lows of 1.2144.

Eurodollar Intraday Chart

In a similar move Gold Spot prices, which have had a recent bull run as fears of a Euro currency collapse spread through the market, is starting to tumble. With the crowded bullish sentiment that has fueled the precious metal to new highs, market participants are taking chips off the table with the latest rumor. Gold Spot prices have declined 2.6 percent to 1192.35 as of 12:15pm EST.

Gold Spot Price Intraday Chart

In other news, Germany stands alone in its War on Wall Street and Capitalism as other European countries decline to match bans on short selling in their respective capital markets. As Bloomberg reported today:

“German Chancellor Angela Merkel’s curbs on government-bond trading proved a step too far for European allies, leaving her isolated as she pushes for a crackdown on euro-area states that flout budget-deficit rules.

Merkel’s unilateral effort to control what she called “destructive” markets came 10 days after voters angry at aid for Greece dealt her a regional election setback that cost her control of the federal upper house of parliament. She’s now trying to win public support for another loan package, this time Germany’s share of a $1 trillion bailout to backstop the euro.”

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