Thursday, May 13, 2010

Euro knows only one way as of now: down

May 14 (Bloomberg) -- The euro headed for a fourth weekly decline, breaking through the 14-month low reached against the dollar last week, on concern European nations’ debt-cutting measures will undermine economic growth.--
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Comment: I'm surprised. I didn't expect that the euro would fall that much. I'd be doubly surprised it the exchange rate could go down below 1.25, but as of now nothing can be excluded. The mutual misunderstandings between the euro authorities and the market operators continue. As of now it looks as if both groups are digging their financial graves.Not much intelligence on both sides yet a lot of stubbornness.

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