Euro vs Dollar 18 May 2010

Yesterday’s small hammer candle on the euro vs dollar daily chart has duly resulted in a small rebound for the pair and correlating neatly with some modest gains in equity markets.  However, with deep uncertainty and scepticism still surrounding the latest plans to assist the Club med economies any bounce higher is likely to stall and run out of steam.  Indeed the latest blow to beset the Eurozone is news that the US Senate  has voted unanimously to block taxpayers’ money being used by the IMF for any rescue which is not economically viable, such as Greece whose debt amounts to 130% of GDP.  Whether this amendment is carried forward remains to be seen but it can only add further pressure to an already battered currency.

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Eurodollar News :

Greece may fail after all