The first rule of global macro is, if you can get the currency right the rest is a lot easier. EUR/USD currently 1.3614.
Following up on yesterday's "EURUSD Opens 100 Pips Lower On Latest Round Of Greek Default Fears and PIMCO: Euro to $1.20 in in Three to Six Months.(EUR/USD)".
In hindsight, the euro’s inability to break $1.39 last week should have been seen as a harbinger of things to come.
The weekend produced more bad news than many expected, after European finance ministers meeting in Poland warned that Greece may not get more aid if it doesn’t do more to reduceits spending. That left Greece scrambling to make more cuts to its 2012 budget — without the money, it would run out of cash by mid-October.
That has many investors considering the once unthinkable — a Greek default and, perhaps, even the end of the euro zone in its current form....MORE