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Forex Market Roundup – September 26

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Forex Market Roundup – September 26

Postby alayoua » Mon Sep 26, 2011 1:57 pm

Forex Market Roundup – September 26

So a nuclear physicist, a lawyer and a history student walk into a meeting..if you were expecting a joke, or an ending with a punchline, then I’m sorry to disappoint. The nuclear physicist is Ms. Merkel, the lawyer is Ms. Lagarde and the history student is one George Osborne and this trinity of (supposed) brilliant minds have very different ideas and agendas as to how to heal both Europe’s and the global financial community’s debt crises. Everything is changing. People are taking their comedians seriously and the politicians as a joke, but the ultimate cost of the final European ‘stability fund’, at circa €3 trillion, is no joke.

If you had to objectively pin your hopes on one of their diverse rescue theories you may choose the non politician’s, however, you’d quickly recall the Ms Lagarde was a politician until two months back and still is. All politicians should have 3 hats – one to throw into the ring, one to talk through, and one to pull rabbits out of if elected and Ms Lagarde’s appointment, as the ‘elected’ head of the IMF, was undoubtedly a political appointment and she’s desperately searching for that one single rabbit to pull out the hat.

One improvement and development of the multitude of G20, IMF, ECB, FED meetings that have taken place on both sides of the Atlantic during the past two weeks, is that finally a unified policy appears to be taking place. An injection of funds into a number of continental banks is the cornerstone of the new and revised three-pronged plan being discussed to ‘save’ the single currency. Finally we get to learn the size of the potential cheque that’ll be stiffed onto the unsuspecting citizens of the seventeen members of the Eurozone, and a few others who’ll have to contribute in order to keep the shrapnel and collateral damage to a minimum. The combined cost could be a truly jaw dropping €3 trillion and it involves giving additional firepower for the European Financial Stability Facility (EFSF).
http://blog.fxcc.com/september-26-am

Source: FX Central Clearing Ltd. (FXCC – BLOG)
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alayoua
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