In the wake of the collapsing euro (top chart), we see a potential upside breakout in the price of oil denominated in euros (bottom chart; USO/FXE).
Rising oil prices for euroland would contribute an additional headwind to economic growth. I notice that European stocks (VGK) have bounced only modestly this past week after hitting multimonth lows. Year-to-date, the S&P 500 Index (SPY) is down less than 1%, but VGK is down nearly 6%.
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