Greek crisis

It would appear to MIM that the dollar can still advance against the euro this year for a couple medium-term reasons; even though it hit a 14 month high today. The dollar trend downward is long-term, and some have raised the question of the outlet. The yen rose against the dollar today, thus going the opposite direction of the euro.(1)

In other news, OPEC has allowed steady growth of oil output to fuel the global economic recovery. “Business Week” reports that OPEC is allowing quotas to be exceeded, with Saudis and Kuwaitis happy with prices around $80 a barrel.(2)

Greece is a country of 11 million in a European Union of over 500 million people.

Tomorrow will be an eventful day in the political and financial worlds. The British election count results may come in and there will be more data on whether inter-bank lending is seizing up.

Notes:
1. http://preview.bloomberg.com/news/2010-05-06/bonds-decline-spanish-borrowing-costs-jump-as-ecb-meets-stocks-advance.html
2. http://www.businessweek.com/news/2010-05-06/opec-to-let-oil-quota-busting-persist-as-crude-exceeds-80.html

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One Response to “Greek crisis”

  1. The euro and economic crisis « Mimdefense’s Weblog Says:

    […] euro and economic crisis By mimdefense The euro hit a new recent low against the dollar after our last article said it had medium-term reason to go even beyond a 14-month low. The euro is now at an even lower […]

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