The euro has been sold off to new two year lows. It is at the lowest level against the yen since late 2000. It is at fresh 4 year lows against sterling. It is also being sold to new lows against a range of other currencies, including the Australian and Canadian dollars. There does not appear to be fresh fundamental impetus, though losses in the equity markets are mounting. The Spanish and Italian equity markets are flirting with 4-5% losses on the session. Spanish and Italian yields are rising sharply, pushing well through 7% and 6% respectively. Spreads over Germany are widening dramatically as well. Italian CDS ... (full story)