Good morning. Calm has settled here in Paris, the summer exodus has begun, Greece is being shuffled aside, and DSK conspiracy theories have started to hit the press. Nerves will be less on edge for a few months while the French (and Europeans in general) get on with more important things.
Unfortunately, Moody’s sent everyone scrambling this morning and fortunately helped out my EUR.USD position. The European banks don’t look good today. The summer might be less relaxing for our banking friends. They’ll be working from Corsica. Tough.
Starting now we’ll follow DSK through his lawsuits and counter lawsuits with Banon, we’ll probably start believing that Accor (Sofitel) Hotels, The Russians (Putin specifically), and Ray Kelly all had a hand in his downfall. (Ray Kelly the police commissioner of NY apparently was awarded the Legion of Honor from Nicolas Sarkozy. This sounds fishy to me…) It’s starting quickly and it’s just the time to start ignoring the news. You could easily compare it to the Casey Anthony circus. Avoid at all costs… I also couldn’t help noticing on CNN the change in headlines from “monster blah, blah” too “U.S. Mom blah, blah”. Does Fox own CNN?
Gonna grab a coffee before the open. Good Trading.