EONIA- the European Overnight Index Average has remained elevated despite increased liquidity at ECB tenors. The ability of other more volatile risk markets to maintain an optimistic outlook will depend on this metric coming back down. Wednesday a 3 month tenor will be offered and more clues to liquidity and credit problems will be available. The large use of the facility and the 3 month operation should bring O/N rate down 10bp  toward 20 over the deposit rate. (The ECB continues to allot these MROs at 1.5%)

Spain will hold a snap election on Nov. 20 on more austerity. Germany continues to rebuff, politically, virtually all leaked policy from the ESM. Gold and Silver have rocketed out of Sunday nights lows on renewed global monetary madness.

http://www.euribor-rates.eu/eonia.asp      -this link can help you follow the money in Euro Land.

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