Euro falls hard.

Thursday, 14 April 2011 02:31

The Euro has tumbled from 1.45117 to 1.43752 this afternoon, further concerns regarding Ireland and Greece the ECB stated that they are not going to continue bailouts forever has once again put pressure on the Euro.

"An emergency case cannot last permanently, it cannot last for years," ECB Executive Board member Juergen Stark told the Irish Independent newspaper in an interview, referring to the near 70 billion euros of exceptional liquidity assistance. "The role of the ECB is to provide liquidity but you cannot say, okay, it is all up to the ECB to fund the Irish banks. It is not a healthy situation that we are providing liquidity of up to 100 pct of GDP to the Irish banks"

Will probably see a retracement back to the 1.4450 level quickly if it breaks through 1.4420 level in the afternoon session.