FX markets are quiet thus far, but talk is swirling around the markets of a possible margin call or unwind of the swap transactions enetered into by Greece, should either Greece or Titlos PLC, the SPV it used in the Goldman designed CCS´s - Cross Currency Swaps be further downgraded by Moody´s.
Risk - Off is beginning to show its face again with both gold and silver reversing from their highs. The long silver trade at 15.70 was closed at 15.75. We are seeing some slight firming of the USD and Yen also.
Should this new situation involving Greece quickly accelerate into a full scale panic, any chance of a technical reversal will be dashed. With this inmind place the stop in Usd/Chf short to entry and stand aside.
Tuesday, 16 February 2010
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