With Europe’s political elite gathering in Brussels today for the 19th EU Summit since the debt crisis commenced two years ago, it is little wonder that the single currency is starting to come under fire again. Admittedly expectations going into this summit were already quite low, although some remarks from a German government official this morning have scuppered hopes of any kind of solution almost completely. After hugging the 1.25 level this week as tightly as a child might hold a security blanket, the euro has dipped very quickly to near 1.24, with the fall being accentuated by the triggering of numerous sell stops on the way down. Indeed, it is entirely plausible that further stops lie beneath 1.24. Also evident over the past week or so is that when the euro has weakened, it has usually recorded lower lows, often a prelude to still lower levels. With European officials still incapable of co-ordinating a response to the crisis, it is little wonder that the single currency is again in the spotlight.
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Tuesday, May 21, 2013
