Ireland, Portugal, And Spain Now Scaring The Euro Into Retreat

The euro slipped against the dollar in overnight trading over continuing concerns about the health of the currency union’s periphery. Ireland is the most thought of threat, but spreads on Portuguese and Spanish CDS have also been widening.

News of an ECB plan for a Greek-style bailout of Ireland brought back a bit of confidence in the currency, but there remains serious doubts about how sincere European authorities are in backing Ireland, etc. al.

EURUSD 1111

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