[Archive!] FOREX - Trends, Forecasts and Consequences (Episode 10: December 2011) - page 427
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the pound is another 120p... the yen is 30p... the chif is 40p...
And the pound has no picture of where we are going?
30 December. /Dow Jones/. As for the new year, Dennis Gartman, publisher of the Gartman Letter, says that the euro is "obviously aiming" to test the $1 . 20 mark "as the resolve of Europe's political, fiscal and monetary authorities is put to the test". In his letter, he also derides fiscal austerity measures, especially in Spain and Portugal, calling them "economic idiocy". "Cutting all spending and signalling to companies that they should also introduce austerity measures like those undertaken by the government are similar to the measures implemented by governments in the 1930s, which created the Depression out of severe recessions.
-PRIME Translation; +7 495 974 7664; dowjonesteam @ 1prime.biz.
Dow Jones Newswires, PRIME
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TOKYO, Dec. 30. /Dow Jones/. The euro fell below 100 against the Japanese yen on Friday for the first time since June 2001, helped by lingering pessimism about Europe's debt problems.
As of 11.50 GMT, the euro/yen pair was trading at 100.09-12 after falling to a low of 99.96.
Now that this psychologically important barrier has been broken, Tokyo traders say the euro is likely to continue falling due to a significant number of sell stop orders placed around 95.00 yen. Some analysts point to a new target level for the euro/yen pair around 90.00, which is above the historic low of 88.93 reached on 26 October 2000. The euro was introduced in 1999.
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* A break above 1.2965 would signal a recovery towards 1.3015 and 1.3050.
the pound is another 120p... the yen is 30p... the chif is 40p...
Is there no picture on the pound of where we are going?
Will the euro continue to fall against other currencies, i.e. crosses, for much longer?
it's Europe that's withdrawing from the market... profit taking like a spring effect...
This, Margaret, is the start of a correction to 1.34-36.