Euro Back in the Electric Chair as Spain's Troubles Refuse to Die (FXE)

July 20, 2012 10:52 AM EDT
Going into earnings season in the U.S., investors were happily distracted from the carnage in Europe. But, like a venereal disease, just when investors were feeling better, that old sore comes back to life. Damn you, Spain!

Today's euro area troubles come as the Valencia region in Spain seeks help from the government to refinance its debt. Lower Spanish growth expectations are also causing shares in Europe to sell off.

Thankfully everyone and their brother is short euros. As anticipated, the euro is back under pressure today. The spot price of EUR/USD is trading at fresh lows at $1.2150. EUR/GBP and EUR/JPY are also posting lows.

CurrencyShares Euro Trust (NYSE: FXE) is lower by 0.93 percent intraday on Friday.

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