With 3 hours to go in afternoon trading, consolidated NYSE volume is on track with Wednesday’s volume run rate of 6.7b shares, well above the average for the year but well below the craziness of last Thursday and Friday where around 10b shares traded. Also, the ‘save the euro’ campaign announced yesterday worked for just a few hours as the euro is moving back to unchanged vs the US$, below 1.28 after reaching almost 1.31 earlier. Without getting into a discussion over the EURP and its effectiveness in dealing with the core of the European problem, the simple analysis of the euro is as long as the ECB is in the new game of printing money and buying sovereign debt, the euro will remain under pressure.
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