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Message: Bank of England and USD Test
The latest out of Europe below indicates that another handcuffed central bank, this time the B of E, will be bailing out their banks now too. These additional printing press operations will only serve to buy time and increase the likelihood and severity of global food riots.
Also, the chart further below shows the peak of USD propping action from Friday. Once the propping action ended, the USD faded quickly and was even unable to hold the 0.72 level as it ended the day at 0.7193. Notice too how the previous propping actions over the past few weeks, represented by the extended green candlesticks, faded relatively quickly within hours or days at most. Therefore, when Asia opens tonight, we will see if this is again a short-term manipulative top as the horrendous USD fundamentals quickly reassert themselves or something more substantial albeit unlikely .
Regards - VHF
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Bank of England Will Unveil Bailout Plan for U.K. Banks Monday
Wall Street Journal
Sunday, April 20, 2008
By Laurence Norman
LONDON -- The Bank of England will announce Monday a scheme which will see it lend money to banks in return for collateral in a bid to help the troubled U.K. mortgage market, U.K. Chancellor of the Exchequer Alistair Darling said Sunday.
"The Bank of England will be making an announcement tomorrow in which what it will do is effectively lend banks money to unfreeze the [mortgage market] situation we've got at the moment," Mr. Darling said in a television interview on the British Broadcasting Corporation.
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Chart 1: USD chart ending Friday, April 18, 2008.
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