Looking at EUR/USD, it would seem like the euro was doing exceptionally well Thursday; but that is just a good reminder that we need to look at multiple signs in order to develop a full picture of fundamentals. The market’s most liquid currency pair was unable to overtake critical resistance; while other Euro crosses were in fact under significant pressure. Backing out the dollar’s influence, the shared currency was dealing with an update from the Troika that stated that Greece would need to be offered no-collateral, 6 percent bonds while private investors take a 50 percent haircut in order for the country to reach 120 percent debt-to-GDP by 2020. That is set against the backdrop for EU leaders to extend their summit from this Sunday out to Wednesday. Will they be able to fortify the EFSF, work out recapitalizing banks and up private haircuts?
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Euro Trouble Masked by Dollar Decline, Market Demands Crisis Action
Published 10/22/2011, 05:55 AM
Updated 07/09/2023, 06:31 AM
Euro Trouble Masked by Dollar Decline, Market Demands Crisis Action
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