Euro continues to slid to lowest levels in years.. global "panic" warning.
from Bloomberg..
The euro slumped for a sixth week, the longest stretch of losses versus the dollar since 2010, as the stripping by France’s top credit rating by Standard & Poor’s magnified concern the region’s financial turmoil will intensify.
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The euro fell 0.3 percent to $1.2680 yesterday in New York, from $1.2717 on Jan. 6. Its last six-week losing streak ended Feb. 19, 2010. The euro touched $1.2624 yesterday, the weakest level since Aug. 25,2010.
The shared currency depreciated 0.3 percent to 97.57 yen in a third weekly loss. It reached 97.20 yen yesterday, the lowest level since December 2000.
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“There could be panic around the world on contagion as sovereigns have difficulty acquiring credit,” Axel Merk, president and chief investment officer of Merk Investments LLC in New York, said yesterday in an interview on Bloomberg Television. “We need clarity on reform process, and that causes uncertainty and then you just get downgraded step by step, and that’s not a rosy outlook.”
more: http://www.bloomberg.com/news/2012-01-14/euro-in-longest-losing-streak-since-2010-as-france-downgraded.html
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Europe is in a serious crisis and if not handled correctly could spin out of control.
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