It’s nice to see that the US does not have a monopoly on political finger-pointing or incoherent politicians. But it is bracing to think these are the people who in many ways hold our fate in their hands.
The Germany back and forth on potential rescue funds for eurozone members has blunted a doubling of the fund for Eastern Europe to EUR 50 bln ( though AIG could pay that out in bonuses in about an hour).
My disgust with politicians hit particularly close to home last night as Pesident Obama went on national TV and stepped on his, umm, tongue. He likened his bowling skills to those of a Special Olympian. As the parent of a Special Olympian, I suggest he turn his comedy stylings elsewhere. Jackass.
EUR/USD is retrenching in early trade as oil and gold lose a bit of steam. The US calendar is empty, so it will be up to Bernanke, speaking on community banking, to liven things up around midday. EUR/USD trades at 1.3555.
1.3535 and 1.3415 are support.