Monday, June 7, 2010

Euro - the BP of forex

Forget the round number of 1.2000 that the media seems to be trumpeting. The euro is now trading near its "IPO" price of 1.1812 (close on Jan 4, 1999).

Here are a few items that did not make it into the column today.

1 - The euro remains utterly friendless and barring intervention seems to have no place to go but down," said XXX, chief currency strategist for YYY  (bearish sentiment)
2 - Euro hits all-time low vs Swiss franc
3 - It cracked a one-year support vs. the British pound.

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