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Thursday, June 17, 2010

Why are we surprised by a ‘good’ Spanish auction?
By Jamie Coleman || June 17, 2010 at 13:35 GMT

The ECB is buying euro government debt with both hands and vows to do more…

The next headline is ‘market relief’ that the Spanish auction went okay.

The logic is a bit circular to me. How can the auction go badly if the central bank is in the market keeping a bid under it? Of all the reasons for the euro rally, THAT one is the weakest, to me......


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