Skip to comments."Due To The Extreme Volatility Some Market Analysts Foresee..."
Posted on 06/13/2012 10:38:06 PM PDT by Errant
Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.
(Excerpt) Read more at zerohedge.com ...
"this week's treasury auctions are to be settled on friday. typically done the following monday/tuesday. why the need to hurry and settle these prior to the weekend for the first time ever???"
Isn’t this essentially a refi at a 0.23 lower rate? Now I can’t say how the opportunity came about or was spotted but, damn....
Per comment at Zero Hedge, this is related to the Greece vote on Sunday ?
Generally speaking, Greek elections are on a Sunday, from "sunrise to sunset" but rounded out. So it will be something like 7:00 a.m. local Athens to 8:00 p.m.. The East Coast times corresponding to these will be:
2:00 a.m. US East Coast time to 3 p.m. Eastern Time.
In fact, I would expect all hell to break lose sometime around that late Sunday afternoon US East Coast time, and certainly the following Monday in markets around the world...if the socialists really ramp it up and do well and want to tell the EU to shove it. But not sure how the eventual vote will go and seems like banks are trying to at least get ready for the other shoed to drop. Here, Reuters:
More on the ZD post: http://www.zerohedge.com/news/fx-markets-bracing-major-event
The Greek vote is my guess, consider also news reports of runs on grocery stores and banks by the Greek people.
A question would be, how far and how fast will the contagion spread if a crisis develops?
The Greek election has been made somewhat less important by the still under construction Spanish bailout. The lack of a clear quid pro quo up front for Spain opens the door to renegotiations for all the other European bailouts.
Whichever party wins in Greece will have latitude to negotiate a less onerous deal. That would also make a coalition government easier - we were all part of easing the peoples burden.
The French elections may make Europe less functional. They will likely strengthen Hollandes hand in reversing the Sarkozy reforms. He has already rolled back the retirement age to 60 from 62. The Germans are not happy.
The most important election this weekend may have nothing to do with the Eurozone - at least directly. The election in Egypt may change the face of the Middle East. The implications to Israel, Iran and Saudi Arabia are enormous. Will the most populous Arab nation become a theocracy? This will be some weekend.
It's shaping up to be another bad week for Obama...
This after one on the largest housing bubbles of any country.
Thanks for posting this. The Greeks are freaking due to their banked Euros possibly being swapped for drachmas, which won’t be worth squat. Can’t say as I blame them.
You’re very welcome. FR is the place to be for breaking news. :)
uncontrollable chain reaction can create some white knuckling and hershey squirts, yes indeed
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