The overlords of the international currency markets are at it once again. For the sixth straight time the US dollar is descending in comparison to the euro and other currencies during the last week of the month.
May 2011 would seem to be a stark example of the trend. Despite enjoying a slight resurgence in the past couple of weeks, the dollar is falling into a monthly pattern of sliding against the European common currency.
The euro is on a tear today – which is probably no surprise to forex traders. So far it is up 1.21 cents to 1.4408 USD.
The USD against the EUR in the last week of the month starting in December 2010
December 27, 2010 0.7618
January 3, 2011 0.7473
January 25, 2011 0.7348
February 1, 2011 0.7330
February 22, 2011 0.7309
March 1, 2011 0.7254
March 25, 2011 0.7080
April 1, 2011 0.7057
April 25, 2011 0.6865
May 1, 2011 0.6751
May 25, 2011 0.7107
May 31, 2011 0.6941 (latest figure)
In its latest novelty bet, Irish bookmaker Paddy Power has given Greece the strongest odds of having the enviable or ignominious distinction – depending on your point of view – to be the first country to withdraw from the Eurozone.
The Hellenic Republic stands at 5/2. Fellow PIIGS member Portugal trails at 11/4, while European economic powerhouse Germany is third at 9/2. Ireland, Spain and Italy are 11/2, 6/1 and 8/1, respectively.
Meanwhile Luxembourg, the Netherlands, Finland and Austria are the longshots for saying good-bye to the common currency; each comes in at 25/1.
Betting who will part ways first closes at the end of the month.