French finance minister Lagarde is trying to calm the markets by saying French banks will hold onto their Greek exposures. With markets ion meltdown, the comments are having the opposite effect, if any…
Traders blame unhedged, or under-hedged US corporates for the latest plunge in EUR/USD. If you have receivables in EUR, odds are you are budgeted for a much firmer EUR/USD exchange rate. As the euro falls, earnings are dented…That’s one reason US stocks are getting belted along with Europe…
EUR/USD is trying to stabilize in the 1.2830s.
