The euro is taking a serious beating today, falling more than 1% to $1.2791, its lowest level in 15 months. But it’s still too expensive. Remember, back in the Spring of 2010, when euro-zone fears first really gripped the market’s imagination in a let’s-all-panic sort of way, the euro dipped below $1.20 against the US dollar. There’s no good argument for why it should be more valuable than that today, particularly with the euro-zone sinking into recession as we speak, while US economic data keep surprising to the upside. Julian Jessop at Capital Economics sees the euro hitting $1.10 before long: (full story)