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FOREX MARKET EUROZONE BLUES
The momentum of market focus has once more shifted back to the Eurozone. 2011 has not been a good year for the Eurozone, as Greece, Spain and more recently, Italy and Ireland just cannot seem to shake the cobwebs off.
The recent announcement by the Greek financial minister that the country has resources to pay salaries only until October is not cheery news at all. Ireland is also being asked to cut down salaries of government workers, one of he highest in the zone in an attempt to get the debt profile of the country to below 10.5% of its GDP.
The recent resignation of the ECBs Jurgen Stark just seems to add to the panic. We saw the Euro tumble against the USD by more than 800 pips since the month of September. http://www.signals-provider.com