Greece’s bond swap is moving forward, the country’s second bailout looks assured, Europe is safe for the moment, and European stocks even managed to rally today.
The euro? Not doing so hot.
In fact, it’s been on a downward slide more or less since Greece announced that it officially had sufficient investor participation to trigger CACs and go through with the deal.
While we’ve crossed below $1.31 at other moments recently, the fact that we’re doing this again on positive headlines is puzzling. Check out the EUR/USD: