Daily Pfennig: The Eurozone ESM Is Open For Business!
by Chuck Butler, President, Everbank World Markets
Casey Research
And, Now, Today’s Pfennig For Your Thoughts!
The Eurozone ESM Is Open For Business!
Good day. And a Tom Terrific Tuesday to you! All is alright in Chuck’s world today, as my beloved Cardinals rebounded from the late inning loss on Sunday, to a rousing win yesterday. It was a beautiful day here yesterday for Columbus Day, I hope it was nice where you are.
Well, all is not alright in the Eurozone or with the euro this morning, as we’ve seen an almost 1-cent loss since last Friday. There are all kinds of stories as to why this move has occurred, but none of them are new news, so it’s one of those days when you just shrug your shoulders and move along, otherwise you’ll spend all day trying to figure out why the euro has dropped like this. I’ll just mark it down to what I feel was simply going too far too fast, and it had to go back and fill in the gaps from last Friday. Did you hear that Eurozone banks are now charging for deposits in Swiss francs? Yes, in an attempt to get depositors to hold more euros, these banks are charging for Swiss franc deposits. I guess that desperate times call for desperate measures!
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2012-10-09 10:22:55
Source: http://financialsurvivalnetwork.com/2012/10/daily-pfennig-the-eurozone-esm-is-open-for-business/
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