If the euro had only advanced against some currency today, we could use the rock-paper-scissors analogy to describe what happened in the currency markets. Alas, the single currency took its lumps from everyone.
The euro put up a 22-month low versus the dollar today, trading at 1.2544 briefly before recovering slightly to 1.2570. It is not inconceivable that the euro could fall below the 2010 low of $1.18.
Meanwhile, the Japanese yen rose to 79.4100 versus the greenback after the Japanese central bank declined to adopt additional quantitative easing measures. The Bank of Japan also left interest rates unchanged. Combined with the sinking euro the Japanese yen could strengthen to 70 to the dollar as currency traders look for a safe haven outside Western Europe and the US.
Gold, the once and perhaps future safe haven of last resort, lost -1.8% today. It seems that only paper money is worth anything these days.
Paul Ausick
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