IIFT Daily Note with Peter Brown


Posted by:  |  Time: 7:13 am  |  Topic:
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Market up and down yesterday. We are nearly at short term tagets of 1.3500 on the Euro and 1375 on the S&P. Not forgetting 1804 on Gold.

The LTRO is up again today. This is where the banks across Europe get 3 year money at 1% and use it to buy bonds we are paying interest on at 7%. Pure highway robbery. However the issue is how much will be  taken up. Forecasts are for 500bln. A figure in excess of this will cause the Euro to weaken and less to strenghten. Results expected around 10.15GMT.

We are again close to the top of the ranges, so the market should be a sell close to these levels.

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