Goldman to make record bonus payout

reply to post by RogerT


my bad -

xoxo

I was about to post that I find the Asian session quite calm, compared to the GMT midday and this popped up on my news feeder:

BULLET: EURO-SWISS: Turnover in euro-Swiss on EBS is now to..
EURO-SWISS: Turnover in euro-Swiss on EBS is now E15.8bn, compared to
E1.5bn ahead of the alleged intervention.

Provided by: Market News International

EurUSD plunged 100 points on the Swiss action.

I guess the comments earlier about Forex not being a 'rigged' or 'manipulated' market were a bit premature

OK, the move is costing me, but it's a great opportunity to sell more dollars ahead of the FOMC.

edit to add:

"CABLE: Pressured back to $1.6510 as rate reacts to suggested SNB
intervention to buy dollar-Swiss (not confirmed), but rate able to
recover to $1.6540 as euro-Swiss and dollar-Swiss ease off pressured
highs of Chf1.5288/1.0910 respectively."

Looks like a shot across the bows for the dollar shorts.

[edit on 24/6/09 by RogerT]

"DOLLAR-SWISS: Gapped from Chf1.0840 to $1.0930 as traders scrambled to buy the pair amid fresh SNB talk."

They are at it again. Swissie ended up north of 1.10.

So here it is, a concerted effort from CB's to stop the DXY from breaching .79, in order to trigger those mindless black boxes into creating a 3rd wave higher?

"DOLLAR INDEX: Techs, from SMRA's Michael Sacchitello; Post-03/04/09, the dollar is clearly yielding to bearish pressure. While Tuesday's
engulfing of the bullish work put in from last Friday's pivot was
frustrating for those favoring a resurgence of dollar strength, this
view should not be abandoned. Specifically, it can be said that
Tuesday's breach of the 06/19/09 pivot was the lead-in to a final
corrective leg from the 06/15/09 highs. As RSI stabilizes above 50
(constructive), DXY's ability to hold above 79.19 leaves the door open
to a powerful move higher (initially to 82.50/83.15) in a 3rd of a 3rd
wave structure. The flat 20-day cycle line (80.12) acts as the first
obstacle, followed by 61.8% of 80.94 to 79.56 (80.42), then 06/15
through 06/23 downtrend resistance (80.83). Dollar index last at 80.37."

Did the DXY indeed 'hold' above 79.19 or was it 'propped up' by the FED, courtesy of the SNB?

So fundamentals are out the window due to those algo's bro'.

If you got enough muscle, you can trigger the black boxes like dominoes and manipulate the market.

edit to add: once again I say thanks to the SNB. I got to pick up some more gold and euro on the dip after taking a bit of profit on the bounce from the last 'intervention'.

[edit on 24/6/09 by RogerT]

"EURO-DOLLAR: Has lifted to $1.3995 area now as earlier Swiss franc
action has died down and as market settles back into FOMC vigil. Traders
debating the outcome of the FOMC meeting and expecting that 'low for
longer' on rates will be good for risk and not for the dollar. That
said, none too keen on betting on a rebound to $1.4100 area given the
risk of further action in Chf."

you see, it's working for the moment, but in the long term, just pissing in the wind

sorry to be a bit 'off topic', but this has been an interesting day in the exchanges so far and does highlight some of the points raised in the thread.

reply to post by RogerT


What points were you referring to?

Sorry, I got lost in all the side conversations