A delicate phase for the euro
The euro might have traded at a record high of 1.6038 versus the US dollar in mid-July, and it might have been in vogue in the reserve diversification talk circles then, but it is a different story now. Not that the US financial or economic landscape has improved much, but the US House passage of the Troubled Assets Relief Program (Tarp) means the focus is now on Europe and this is a delicate phase for the euro. Indeed, these are testing times for the euro.
There is no decoupling
One crucial
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