Euro Currency Plummets Near New Lows; Dollar Up Sharply
Currency Futures--- The currency markets are plunging this morning after the European Central Bank lowered the interest rates to 0% sending the Euro currency down 245 points currently trading at 1.2370 hitting a fresh four week low with the contract low only 90 points away. The U.S dollar is up by more than 100 points against all the major foreign currencies including the British Pound which is down 166 points and the Swiss franc which is also down 150 points all based on the European Union flooding money into the system causing their currency to head lower. The one funny thing about the whole situation is Europe is now flooding the market with tons of liquidity and the United States is rumored to be doing QE3 in the next couple of months which would lower our currency so many currencies around the world are trying to devalue their currency at the same time and only time will tell the see who actually wins this battle of stupidity. I am still bearish the Euro currency because I do believe all of these rescue plans are a bunch of nonsense and eventually the Euro is a weak currency and I think investors will seek in invest in the U.S treasuries as well as the US dollar.
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