Oh yah....no EA
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The possibility of "war" over Ukraine has depressed the EUR which is good news for me as I was able to profit from my EUR/AUD short positions
However, I don't think Russia wants war either....they just wants to exert their power over the territory which they still consider a part of Russia and have ambition of forming a Eurasia.
My personal opinion on the probable play-out, as soon as situation cools down somewhat in the Ukraine, is for Russia & the deposed Ukraine President (or someone acceptable to the majority of the Ukrainians) will issue a statement somewhat along this line to defuse the tense situation with the Western countries:
"We do not understand why the Western countries are getting so worked-up with Russian troops in the Ukraine? The good citizens of the Ukraine have appealed to Russia to help bring back law and order to their once peaceful country which, as you have all witnessed, from "gangsters" who have been destroying and bringing the country into anarchy. Russia, being a responsible & concerned neighbor, agreed to send armed forces to help the Ukrainian armed forces to help enforced and to bring back law and order into the Ukraine. Once law & order has been restored back into the country, our Russian forces will of course leave Ukraine.So what is the problem? There is no problem as far as we are concern!"
.....and the Rubble & Euro will jump back up, and all is back to normal as if nothing has happen.