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SMF069

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OT: Bernanke "Kills" Greenback

posted on Jul 10, 2013 09:38PM

It was pretty much a foregone conclusion bond buying would continue. I'm just wondering when QE will be increased. The price of silver and gold seems to like the FOMC speech. SMF

Currencies Go Berserk As Bernanke Kills King Dollar

07/10/2013

We noted earlier the brief chaos that the minutes created but - following Bernanke's promise to print moar - the after-hours collapse in the USD against every major (and minor) currency pair in the world is tremendous. USDJPY is over 200 pips off the day's highs (JPY surging below 98.50), GBPUSD is getting smashed higher (+275 pips from pre-close), and EURUSD is screaming higher (up 220 pips from the US close breaking above 1.3200). Retaliation for Carney and Draghi's comments? Who knows... but the currency wars are back on (and the 'other' currency is surging to $1290 per ounce).

and a little context...

For those who want a comp of the magnitude for the EURUSD's nearly 300 pip move so far, the EURUSD moved just a little more, or 370 pips, on March 18, 2009, when the Fed announced QE1!