Ya I saw it happen. Right here, in front of my own two eyes – just a few short hours ago.
Shortly after we got the Italian Unemployment Rate ( coming in at a whopping 12.9%! ) we then received the EU Zone “CPI Flash Estimate” ( the change in the price of goods and services purchased by consumers year over year )…coming it at 0.8% as opposed to the expected 0.7%
Big freakin deal right? Who cares right? Wrong.
The EUR as well GBP and CHF soared on the news, sending the U.S Dollar Index directly into the toilet, smashing through forex charts and “forex hearts” across the board.
Apparently 0.1% of “nothing” is “really something” as the EUR advanced a full 100 pips against the U.S Dollar on the news.
Give me a freakin break. The data has absolutely nothing to do with it all.
These markets are boiling over with volatility these days, and are doing everything they can to transfer as much money from “you to them” as quickly as humanly ( or should I say “robotically”) possible.
It suggests to me that we are inching closer and closer to something “huge” as these “macro turns” are always the toughest to navigate.
I’ve got several irons in the fire now, with some huge data expected out in minutes, including both Canadian and U.S GDP data. These as well should provide for some serious fireworks.
Let’s see what “mother market” has in store for us this morning.