Ruh Roh, The Euro Is Erasing All Of Its Gains

First, it just seemed strange how the euro rallied on news that the E.U. would be using massive amounts of new loans to paper-over the PIIGS’ problems, without addressing core underlying problems. Then the euro started to slip. Well it’s continued, and the euro has now lost all its gains since gapping up after the E.U. bailout fund was announced. We think it could be headed back to the pre-announcement level fo $1.27 as well.

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