Morning Brief Monday May 21, 2012

Good Morning. I discussed on Friday how the late day currency reversal was a bit concerning. Ahead of the G-8 summit the price action gave the appearance that someone knew something. Add in rumors of bank runs beyond Greece and a worsening euro basis swap and there was and still is the need to stay on guard for another FX swap line.

In the end the G-8 offered nothing. In fact they did all they really could yet the time for words backed with no substance has passed. The events in Europe are deteriorating rapidly. Central banks can no longer

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