Euro: The Beatings Will Continue Until Morale Improves

The Euro’s troubles began earlier this month and with every upset gyro cart in Athens, the beatings have continued.

From the WSJ:

LONDON — Support for the euro has turned very soggy very quickly, with sovereign credit risk in Greece, banking stress in Austria and weak economic data all suddenly proving a major drag.

The currency has plunged from over $1.51 against the dollar at the start of this month to trade under $1.4550 Tuesday for the first time since early October.

Now it seems that traders are latching onto every available sliver of negative news on the euro and using it as a trigger to punish the currency, particularly against the resurgent dollar.

I’m very far from any kind of expert on currency/FX stuff.¬† I am, however, a forced participant in the larger sovereign debt controversy as are you if you own risk assets right now.

Source:

Tables Turn on the Euro  (WSJ)