The Euro zone is back in the headlines with the Cyprus bailout taking a turn for the worst. The decision to levy the deposits on bank deposits has cause a panic in the country, as well as creates a dangerous precedence in the euro zone bailouts. This has cause the short position that I have on the Euro to make strong gains at the open (with the EUR/HUF short as the exception) and I have put in some stops in the event that there is a strong rally back overnight. I am still net short the Euro to a variety of currencies the majority of which are positive correlation plays*, as this plays out I will look for an opportunity to add to the negative correlation plays as the EU leaders hopefully recognize the situation and take action. * notes to an article that I am in the prosess of writing about the Euro short play:
0 Comments
Leave a Reply. |
Archives
June 2020
CategoriesAll Chinese Debt Commodities European Disunity Inflation Policy US Earnings |