Our chart of the week displays an asset giving the euro some competition in the "wet paper sack" contest.
To recap, we've tagged the euro as the weakest and most vulnerable currency in the world right now. Our chart on Friday showed how the euro plummeted last week. But now, Britain's currency, the pound, is saying "Don't count me out, old chap... My homeland is also choking on tons of bad debt and malinvestment."
Just recently, super investor Bill Gross warned that British government bonds are "resting on a bed of nitroglycerin." He's avoiding Britain's bonds and its currency due to huge levels of government borrowing.
To the right, you can see the market agreeing with Bill. Just this week, the pound violated its October low. This is a loud confirmation of Bill's bearish analysis. Euro: Get ready for a little competition on the race to the lower right of the chart!
To recap, we've tagged the euro as the weakest and most vulnerable currency in the world right now. Our chart on Friday showed how the euro plummeted last week. But now, Britain's currency, the pound, is saying "Don't count me out, old chap... My homeland is also choking on tons of bad debt and malinvestment."
Just recently, super investor Bill Gross warned that British government bonds are "resting on a bed of nitroglycerin." He's avoiding Britain's bonds and its currency due to huge levels of government borrowing.
To the right, you can see the market agreeing with Bill. Just this week, the pound violated its October low. This is a loud confirmation of Bill's bearish analysis. Euro: Get ready for a little competition on the race to the lower right of the chart!
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