Silver For The People

Silver Stackers Can End The Silver Manipulation And Stop The Criminal Banksters

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Revolver Maps

Great Graphic: The Euro’s Complicated Top

marctomarket.com / by Marc Chandler / Oct 18, 2017

This Great Graphic depicts the top the euro is carving.  We suggest that several fundamental developments lie behind the price action.  Interest rate differentials are widening interest rate differentials favoring the US.  Speculative market positioning is leaning heavily long euros. European politics no longer the tailwind that it was, it is not surprising that the euro appears to be carving out a top.

There is increased speculation that the ECB’s asset purchases will continue well into next year, even if at a slower pace.  The divergence between the Fed’s balance sheet that has begun shrinking and the ECB’s balance sheet has not peaked.  Indeed, even if after the ECB’s balance sheet stops expanding, peak divergence lies ahead as the Fed’s balance sheet will likely continue to shrink in 2019.

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