IIFT Daily Note with Peter Brown

This one is simple

Posted by:  |  Time: 7:12 am  |  Topic:
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Either the ECB cut rates now and agree to buy in excess of 100bln Italian bonds or this is over.

Unless this happens the Euro is on it’s way out. 1.35 this morning but heading to 1.3150 key support. It will drag everything with it.

The silence was deafening from Merkel and the ECB yesterday. Rumours they want a different structure to the Euro makeup.

I think they may have given up trying to save it in it’s present format. A core Euro and get rid of the problem countries?

Trading wise this market is a sell on any bounce. Use 50 point stops just in case they try to do something. Action from the ECB will cause a severe bounce. Italian bill auction today. Hugely important is the level they have to pay for them.

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