|EUR/USD Judgment Day|
SocGen's stock has been trending down for a while now and I don't see support until the March 2009 low ($17.40). SocGen's CEO was on CNBC earlier today, I embedded the video after the jump. More on French bank CDS action at Reuters:
"BNP Paribas , Societe Generale and Credit Agricole CIB's credit default swaps widened sharply on Wednesday amid fears that France could soon lose its triple-A credit rating.
EUR/USD 2 year (freestockcharts)
By 1510 GMT BNP Paribas' five-year CDS had widened 35 bps to 246 bps, Societe Generale's CDS was 65 bps wider at 334 bps while Credit Agricole CIB's CDS had widened 23.5 bps to 265 bps, according to Markit data." (Reuters)
John Taylor, who runs the $8 billion currency hedge fund FX Concepts, told BloombergTV on August 2 that he believes the Euro is going to 1.25 next!
CEO of Societe Generale on CNBC this morning: