The euro is getting sold with both hands this morning, falling as low as 1.2423.
Investors thought they were buying a German proxy when the euro was launched. Few signed up for a French-centric euro. “No Thank You” seems to be the reaction to the story that it was Sarkozy’s threat to bolt the euro that got Germany to sign on to the rescue plan sprung last weekend. Talk of a French down grade is not helping, either.
1.2400 barriers are rumored while 1.2388 and 1.2335 are technical supports, the latter the lows posted during the depths of the global banking crisis.
