2010-11-15

Down goes the euro

Nothing ever changed in Europe regarding sovereign debt problems. What changed was social mood, as it became slightly more positive. As was evident starting last week, things have changed and negativity is back. The turn in short term social mood is past and the euro is tumbling. Recent headlines out today:

Contagion hits Portugal as Ireland dithers on Rescue

Euro under siege as now Portugal hits panic button

Ireland told: Take EU bailout or trigger crisis

Greek deficit much bigger than estimate

The COTS data for last week finally was released today. Given the large move down in the euro, speculators are probably back in command.

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