Looking Back At May 6th

Last week ended with a bang.

The Wall Street Journal reported on Friday that on Thursday, “At one point, the euro fell 8% against the yen, ending down 5.5%. Given currency traders’ leverage, some may face crushing losses.”

Further: “Despite the euro’s 0.75% gain versus the dollar Friday, it suffered its worst week since the height of the global crisis in October 2008. The common currency was down about 4.4% from last Friday and down about 11% since the end of 2009.”

The New York Times reported that “The major indexes gyrated on Friday before closing down sharply on continued fears that the Greek debt crisis would spread and lingering questions about Thursday’s sudden plunge.”

So, was it a bad trading day all over? Here is a different tune from ForexMagnates, an FX blog that is written by Michael Greenberg: “What follows is Integral press release which states that Integral not only didn’t experience any difficulties but also pretty much enjoyed the day. I don’t yet have the exact details regarding who failed to deliver and who passed this crazy day unscathed but it seems that Integral’s aggregation model is working.”

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