So the Cyprus drama makes for a fascinating story.
But as of yet, the crisis hasn’t leaked into broader markets. Even Bernanke noted that today, during his press conference.
And it seems that some are annoyed by the market resilience.
SocGen’s currency wizard Kit Juckes tweeted this evening:
Via email, we asked him to expand on what he meant. Basically, in his latest swing through New York City meeting with hedge funds clients, he talked with a lot of folks who had recently made long gold bets (or were looking for it to to run) and anti-euro bets.
Everyone ‘gets’ that Cyprus sets an awful precedent. I’m not sure I could find a euro ‘dip-buyer’ anywhere in the US!! But if you concluded it was terrible news and if you thought deposit tax on top of QE was the final straw that destroys confidence in fiat money, you might be a little annoyed by the size of the move…
So yes. ‘Annoyingly no big market reaction. But definitely an incredible human drama.
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