Euro now below $1.22 - Democratic Underground

Ruby the Liberal

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Tue May-18-10 06:36 PM
Original message

Euro now below $1.22

Due to German block on shorts. Overnight it is going to take a pounding.

The euro falls below $1.22 in evening trading. The wolfpack is clearly energized by Angela Merkel painting a big red target on Europe's back.

Chart: http://www.businessinsider.com/tailspin-euro-falls-below-122-in-late-trading-2010-5

http://www.businessinsider.com/tailspin-euro-falls-below-122-in-late-trading-2010-5

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AllentownJake

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Tue May-18-10 06:37 PM
Response to Original message

1. Buckle up

The market is about to go on one hell of a ride tomorrow.

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Ruby the Liberal

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Tue May-18-10 06:40 PM
Response to Reply #1

4. Tomorrow? Nikkei opens shortly. The JPYEUR should be interesting...

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AllentownJake

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Tue May-18-10 06:43 PM
Response to Reply #4

5. Watch Asian financials

Wonder what their exposure is to European banking...

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Ruby the Liberal

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Tue May-18-10 07:11 PM
Response to Reply #5

11. I read this week that it is very limited, but overnight should give a better picture

NYT is already reporting credit lockups in the EU: http://www.nytimes.com/2010/05/19/business/global/19iht-borrow.html

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Bobcat

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Tue May-18-10 06:37 PM
Response to Original message

2. Oil

Look for big decline in oil prices??

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AllentownJake

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Tue May-18-10 06:39 PM
Response to Reply #2

3. Look for a decline in a lot of things

Except Gold.

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Statistical

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Tue May-18-10 06:45 PM
Response to Reply #2

7. Dollar strength will keep oil under pressure.

With combination of Euro falling apart and flight to safety in dollar combined with poor fundamentals in oil I find it virtually impossible that oil will have any real rally in short term.

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Cali_Democrat

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Tue May-18-10 06:45 PM
Response to Reply #2

8. Yep

Edited on Tue May-18-10 06:48 PM by Cali_Democrat

Declines in oil and copper are typically indicative of global economic slowdown. Copper and oil prices have dropped recently. The strong dollar is also contributing to it because those commodities are priced in dollars.

Looks like the recovery will not have the legs many of the analysts thought it would.

Too many global concerns weighing on the US economy. China is also attempting to slowdown their economy to prevent a crash and some eurozone countries can barely pay interest on their government issued bonds.

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Ruby the Liberal

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Tue May-18-10 07:07 PM
Response to Reply #2

10. Oil will hold or decline, IMO.

China has already pulled back their Euro holdings and retreated to the USD.

Oil is still traded in USD in London and New York, so I think it is steady for now.

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KharmaTrain

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Tue May-18-10 06:44 PM
Response to Original message

6. I'm Going Bargain Hunting...

Weak Euro = Stronger Dollar. May not be a bad summer to take that European vacation if you can afford it.

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onehandle

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Tue May-18-10 06:55 PM
Response to Original message

9. Good time to visit Europe... or maybe move there. nt

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