Euro stumbles, tumbles, falls
Yesterday, the Euro acted in accordance with my recent Euro prediction for 2010 losing ground across the board and falling below a significant support level of $1.4000 (check out a trend analysis of the EUR/USD here).
The reason for this decline was also exposed in my prediction for the new year: Greece.
We all know the old saying that a chain is only as strong as the weakest link. It seems that as far as the Euro is concerned, that weakest link is now Greece. The country is undergoing a tremendous financial crisis, from which it doesn’t seem poised to escape any time soon.
As is usually the case, the problem is too much debt. Greece has a huge debt holding her economy down and many people fear that they won’t be able to pay it back.
What will happen is that the European Union will likely have to help Greece climb out of the hole she dug herself into. This means more spending, more Euros circulating, and less value for the Euro itself.
In addition, there is always the fear that problems in Greece will spread out to other Euro countries or that the same problems already exist but have not been exposed as of yet.
Either way, investors are feeling the uncertainty of the Euro’s position and are flocking back to the USD and the Yen, the traditional safe haven currencies in today’s global economy.
As I’ve already posted, I think 2010 will be a challenging year for the Euro. Let’s see how the European currency weathers the coming months.
Forex Robot World Cup Update
As you know, I take great interest in the Forex Robot World Cup competition in which non-commercial robots do battle to discover the best one in the world.
Here are the results now as they stand:
- LMD-Multicurrency – 194.24% profit
- HiRIDER – 87.96%
- SuperVolcano – 35.01%
- VREM2 – 19.39%
- Nutcracker – 14.93%
LMD-Multicurrency seems to be well ahead.
You can check out the current results (updated every 15 minutes) on this page: Forex Robot World Cup Results It looks like some great robots are participating.
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Whistler Blowers, Insiders
do you really need to submit the same article 3 times???