And what was the result of this $1 trillion “shock and awe” announcement? It was a resounding success, for about five minutes.
You can see in this five-day euro chart that when the bailout package was announced yesterday, the euro shot above US$1.30 and then, as investors actually started thinking and realized nothing fundamental had changed and the area is still drowning in debt, the euro fell below US$1.28 and is now near its low for the year. Currently, you can buy 1 euro for US$1.2726.
