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EURUSD Coiling As Rumor (ECB) And Counter-Rumor (IMF) Dominate

November 26, 2012 - 1:47pm
Following the almost total lack of movement on the ECB 'savior' rumors, now we have IMF 'pain' rumors: IMF WANTS EURO ZONE TO CUT GREEK DEBT BY 20 PCT OF GDP UP FRONT, COMMIT TO FURTHER REDUCTION LATER - Source *IMF MAY WANT 40B EURO CUT IN GREEK DEBT, MORE LATER: REUTERS EURUSD is just coiling and coiling here - but of the two rumors, t's EUR40bn write-down makes the most sense in a rational world of trying to help Greece (and therefore must be discounted as 100% not what will happen). We can only imagine that the EU tactic is now to throw each strawman to the rumor-mill to see what reaction is generated by the market - so far - #FAIL.     Chart: Bloomberg

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