What The Heck Does Angela Merkel Have To Do With Texas?

Takeaway: Merkel joins the FX War, talking down the Euro.

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German chancellor Angela Merkel officially joined the Currency War this morning. She was talking down the Euro saying something about  #StrongEuro being a headwind for Spain (or something like that). The EUR/USD  is down -0.6% to $1.11. The risk range is wide ahead of next week’s Fed meeting at $1.08-1.15.

 

That’s a sign of confusion, if nothing else.

 

Follow the bouncing puck – Euro Down, Dollar Up, Oil Down -1.2% - so that’s back to back up days for USD and Down Oil, but it’s all within a relatively tight risk range of $57.68-61.91 for WTI. We’d buy more Oil at the low-end of the range ahead of the Fed.

 

What The Heck Does Angela Merkel Have To Do With Texas? - m oil

 

One thing is for certain: Central planners across the globe show no signs whatsoever of relinquishing their respective turns trying to devalue the purchasing power of The People.