Saturday, April 4, 2026 
The Buyer of Last Resort
The Euro is trading at the important 1.2 level. The final defense of the euro (the buyer of last resort) is the fed–through their swap lines. There is a massive amount of liqudity due in the next month, which will strain the limits of the fed itself. The Euro faces a scenario best described by the prophetic words of Led Zeppelin.
“If it keeps on rainin levee’s gonna break.”
