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This is happening because the spotlight and attention is on the US. We created the credit/mortgage problem however banks over seas are also in this mess. They just havn't reported/came forward with it.
Eventually this year banks will have to spit out their earnings/losses and when this hapens we are going to a dramatic tank on the euro, Focus will be shifted off the US and onto the EURO and that will tank and the usd will gain strength and levels will go back lower.
EUROs time is comming it wont happen till third quarter or so in 08 but it will happen.
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