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Currency Monitor 2012-05-28

May 28, 2012
  • The week starts a bit better on reports Greece's pro-bailout parties are pulling ahead in election polls
  • IIF Chief Dallara says a Greek exit would cost at least 1 trillion and the ECB wouldn't be able to stabilise financial markets
  • CFTC data show record EUR shorts, which may help provoke a short-term rally
  • S&P downgrades some Spanish banks to junk as Bankia needs all of the 19 billion slated for recapitalising Spanish banks
  • Gold may share in the risk rally; Crude Oil gains as Iran enriches uranium
  • Commodity currencies bounce on prospects for more stimulus measures from China
  • U.S. payrolls may recover after two bad months as data show consumer confidence at highest in almost five years.