ECB Intervening in Forex Markets

This appears to be the fourth intervention at 1.2150 since May 19th. These interventions cost the citizens of these countries staggering amounts of money, but ultimately achieve very little.

from Zero Hedge blog:


With all the grace of a drunk Keynesian at an Austrian economists meeting, the Central Banks once again kill the EUR shorts and intervene to prop it up, for a ridiculous 250 pips intraday move. And thanks to Germany's Economics Minister Rainer Bruderle, we now know that the Fed is actively manipulating the FX pairs. Thank you Ben Bernanke for making sure that Atari has some confidence left in the manipulated market, as no humans are left any more.