Friday, December 30, 2011

Euro Hits New 10-Year Low; To Drop Further in early 2012; or Will Sarkozy Kick the Can?

The Euro hit a new 10-year versys the Yen, going trough below 100 yen.
The euro fell 0.9 percent yesterday to 99.77 yen and is down about 8 percent for the year.
From around $1.33 in January, the euro soared to $1.4939 by May, then hit $1.2958, about a cent above a 2011 low hit earlier this week.

Dennis Gartman, author of the daily Gartman Letter, says that the path is set for the uro to drop further in early 2012.

"Given that we are closing the year below $1.30, the path seems to be set,"
He predicts $1.20 in early 2012 as the resolve on the part of the political, fiscal and monetary authorities in Europe are put to test.

Now there will be elections in France in the spring, let's see if Mounsieur Sarkozy can pull anther rabbit out of his hat and kicks the can down the road a little further.

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