May 24, 2010
Euro Lower; Spain Takes over Financial Institution
The EUR USD traded sharply lower overnight and early in the session as nervous traders reacted to the news that Spain’s government had taken over a struggling financial
institution. The heavy selling pressure last night was also a sign that short-traders were still lurking out there with their fingers on the sell button.
This action triggered fear that sovereign debt problems were spreading across Europe. Shortly after the U.S. opening, the Euro …
