“UBS just posted ugly results that bode ill for European bank results and CIT just filed for bankruptcy. This raises the question: isn’t it too early to pay back government money?. – David Thebault, head of quantitative sales trading at Global Equities in Paris
FX Trading – Glenn Stevens says no more carry-trade, for now …
The profit-taking may have already begun after seeing the US dollar muster up strength here and there over the last couple days. But either way, RBA governor Glenn Stevens and his boys are seeing that the profit taking lasts a little bit longer.
It was just announced that the Reserve Bank of Australia will hike rates for a second consecutive month. But they took away the certainty of a similar decision in December. The problem: the market already baked that December rate hike into the cake … which explains why the Australian dollar is down nearly 100 PIPs as I throw this together.
RBA says “See ya in February!” and the Australia Dollar Falls
….read more HERE.