NZD Earthquake Insurance Payouts

-Said to be behind GBPNZD's amazing slide so far this week from 1.99-1.92.
(perhaps, but i doubt its that simple)

-EUR breached recent lows by a pip or so on wednesday; small long tight stop.

-AUD pattern within pattern, long.

News Items of Note

-wsj online:
Spanish Banks Try to Build Their Way Out of Home Glut
http://on.wsj.com/yiZCfJ

-reuters - hedge funds lock horns with IMF
funds accumulate greek debt and cds, refuse any haircut deal in order to force payment. if greece defaults, cds payout to cover losses. risk / reward.

Tuesday's Recap

-nzd stopped out
-aud, xau, in play, eurchf barely hanging on

+mkts generally optimistic
+european problems remain, hope prevails; hope for:
 - more rescue measures for europe
 - chinese stimulus measures
 - moderate growth in US

New Monday

- SNB Prez Hildebrand quits. EURCHF low 1.2106.
- Germany gets paid to have money parked with them: "Unlike the vast majority of longer-dated bonds, bills don’t pay coupons but are usually issued at a discount and then redeemed at par. Germany’s auction saw investors pay €100.00616 now to receive €100 in six months’ time, giving a yield of minus 0.0122%. "

- Long xau, aud, eurchf
- Short nzd