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EURUSD Dips Below 1.28 As All Hell Breaks Loose In Italian Financials

Posted By yihan On January 5, 2012 @ 9:52 am In Money Watch | Comments Disabled

Zero Hedge [1]
Thursday, January 5, 2012

Much to the chagrin of the US Department of Mass Disinformation, the market has completely ignored the ridiculous ADP data, and has focused squarely on what is happening in Milan where the serial halting of bank trading has resumed. Following the 4th unhalt of UniCredit, its stock is now down 15% on the day as it scrambles to catch up to the fair value represented yesterday courtesy of the rights offering to be about 43% below the market price. As a result while the robotic decoupling in the US continues, as somehow America is supposed to be able to import and export from and to itself and completely ignore that it hasĀ about $3 trillion in European bank exposure [2], the EURUSD has just dipped to below 1.28 for the first time in over a year. Lastly, not helping things is theĀ already noted implosion [3]of refiner Petroplus which just announced that access to all of its credit lines has been suspended, sending the stock down 20%. Looks like it will be a long, cold winter for Europe even as the US decouples to a Dow 36,000 mushroom cloud.

UniCredit – 4 halts and counting:

EURUSD Dips Below 1.28 As All Hell Breaks Loose In Italian Financials UCH%20halts [4]

And EURUSD below 1.28:

EURUSD Dips Below 1.28 As All Hell Breaks Loose In Italian Financials EURUSD%201.28 [5]


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URL to article: http://www.prisonplanet.com/eurusd-dips-below-1-28-as-all-hell-breaks-loose-in-italian-financials.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/eurusd-dips-below-128-all-hell-breaks-loose-italian-financials

[2] about $3 trillion in European bank exposure: http://www.zerohedge.com/news/exposing-american-banks-multi-trillion-umbilical-cord-europe

[3] already noted implosion : http://www.zerohedge.com/news/refinery-crunch-europe

[4] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/UCH%20halts.jpg

[5] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/EURUSD%201.28.jpg

[6] What to do When All Hell Breaks Loose: http://www.prisonplanet.com/what-to-do-when-all-hell-breaks-loose.html

[7] HELL BREAKS LOOSE IN YEMEN: Four Guards Are Killed And The President And Premier Are Injured In Attempted Coup: http://www.prisonplanet.com/hell-breaks-loose-in-yemen-four-guards-are-killed-and-the-president-and-premier-are-injured-in-attempted-coup.html

[8] Another Blatant EUR Intervention Leads To 150 pip EURUSD Move In Seconds: http://www.prisonplanet.com/another-blatant-eur-intervention-leads-to-150-pip-eurusd-move-in-seconds.html

[9] Moody’s Put Spain’s Aa1 Rating On Downgrade Review, EURUSD Meets Gravity: http://www.prisonplanet.com/moodys-put-spains-aa1-rating-on-downgrade-review-eurusd-meets-gravity.html

[10] EURUSD Roll Over Accelerates, Market Playing Catch Up: http://www.prisonplanet.com/global-stocks-surge-following-eu-bailout.html

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