European Stress Tests Terms Are Released, And Jim Rogers Is Grinning From Ear To Ear

Europe has released its preliminary terms for the upcoming bank stress tests.

ZeroHedge has a good summary of it here, though the basic gist is that there are actually no parameters. It’s pretty vague. We don’t know what, for example, what kind of haircut will be assumed on Greek-owned debt.

So it’s a total joke, but you already knew that, and so did the market. The point of a stress test is to establish confidence, not undermine it. Anyone who thought stress tests were going to reveal gaping holes in the system wasn’t paying attention.

Meanwhile the euro — the newly hot currency favoured by folks like Jim Rogers and Robert Prechter — is making another big run, and $1.27 seems in sight.

chart

Photo: FinViz

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.