Asia Session: Awaiting the Irish Budget
The Euro continued to move higher in Asia as markets looked ahead to the hopeful passing of the 2011 Irish budget which is due later in the day. Now loaded with new austerity measures in order to appease the EU and IMF after securing a bailout package the proposed Irish budget for 2011 was to be put in front of the parliament later today. The passing of the budget without any hitches would surely help the Euro currency and that optimism was seen in today’s Asian moves from 1.3280 to 1.3350 in EUR/USD. The ECB’s move to extend its bond purchasing program also proved beneficial to the European currency as investors welcomed the determination of the European Central bank.
At the moment, the proposed budget looks like it will pass. Of course, bankers and politicians are pretty happy with that projected outcome, but the non-ultra rich, non banker, non politicians aren't happy, and will be expressing their displeasure later today, and probably frequently for quite some time..
And then there's the World wide bank run, originating in France, scheduled for today. Your host? Eric Cantona.:
Following an idea put forward by Eric Cantona recently the 7th December is planned to be ‘bank run’ day. The general idea is that nowadays protesting in the street doesn’t achieve much – but if we all withdraw our money from the banks at the same time the banks will collapse.
Will this destroy the European banking system? Probably not, and most likely not in America, but people in other countries are paying attention, and we won't know what the end result will be tomorrow, or in the near term.. And it all starts today.
So much information, so much to disseminate, so little time..
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