The Fed, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank announced last night that they will cut the existing US dollar liquidity swap pricing by 50 basis points. The six central bank joint declarations showed that central banks in all countries agreed to reduce the existing US dollar swap pricing by 50 basis points on December 5. The six main central bank countries agreed to establish a temporary bilateral swap arrangement to provide liquidity. The new currencies are mutually beneficial. The exchange rate will continue until February 1, 2013. In addition, the central bank does not consider it necessary to provide non-local currency liquidity other than the US dollar.
Thanks to the joint rescue of the six central banks and the People's Bank of China's first cut in the deposit reserve ratio for the first time in three years, risk appetite spurred, and risk currencies such as the euro soared sharply last night.
The EUR/USD has pulled up quickly since the 1.3300 mark, and it has reached 1.3500 within one hour. The current exchange rate is hovering around 1.3430. From a technical point of view, the joint bailout last night disrupted the short position, and this week's short-covering replenishment task is difficult to complete. The bears need to digest the rebound force before they can re-organize the pressure. However, the bulls should not be blindly chasing the highs at present. It is more difficult to stabilize the market by relying on the joint rescue of the market only once. First, they should pay attention to follow-up measures and the effect of bailout. Operation, long and short turn into wait and see, short-term attention 1.3430 support.
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