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The Euro’s rapid decline

Posted by Adrian on October 23, 2008

Super models, billionaires and European tourists pushed their luck with the European euro. All on the premise that the US dollar would tank into oblivion.

The market (generally) didn’t factor in rapid declines especially when risk aversion has kicked in big time. Since the USD was so over sold and dead in the water for so long, any high risk over bought currencies were going to get a wake up call.

The EUR has, refer to graph (hit lows of 0.97 although I would say that is glitch in the system, still what a sight):

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