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Adding (Again) to My Short Position in the Euro From August 22nd through today, I have begun to rebuild my short position against the Euro via the US Dollar, which is currently trading slightly above 1.26. I recently took profits and reduced my short position considerably in late July due to the sharp move below 1.22. I am thrilled to see that the Euro is rallying once again, and ironically on the expectation that the US Fed would ease--or that the ECB would come through with a plan for Italy and Spain. The bad news for Italy and Spain, but the good news for those shorting the Euro, is that the only plan is to let Italy and Spain face tremendous austerity and then reduce the value of the Euro to attempt to inflate away a debt that cannot be afforded by the ECB--let along Italy or Spain. Written By: Joshua Ungerecht
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Currencies, Currency Trading, ECB, Euro, European Central Bank, Forex Trading, Italy, Spain, US Dollar