Tim is that due in part then because the dollar=oil price.I have been observing the Euro some does not seem to be working to well.I wonder how England feels about not buying into the Euro?
I'm not sure it is the Dollar/Oil setup. All commodities that I know of are denominated in the Dollar, Oil is just the most obvious. Commodities have been in the dollar for over half a century. It is the default currency of choice. Not enough gold or silver out there to use as the basis for any global currency. Too little supply means too few options when a major crisis pops up. Main reason the Gold and Silver standard are gone.
The Euro is in deep, deep do-do. The talk is starting back up about it's end. This time, they are not talking about kicking countries out but Germany leaving and going alone. Same idea, I guess. Don't want to get into the details of it (that WOULD make this a political discussion) but Germany, France and some of the northern European countries leaving would allow Southern Countries to devalue the Euro and that would help.
Suffice to say, if you want to keep track of these things, watch each country's 10 year bond prices. Germany is the benchmark. Others, in Europe, trade based off that mark:
Germany- 2.75%
Italy- 4.63%
Spain- 5.46%
Portugal- 7.0%
Ireland- 9.5%
Greece- 11.2%
US Ten year- 2.83%
The numbers are approximate. But the tipping point on a 10 year is usually around 6.5%. Once it gets past that, the downward spiral is almost impossible to stop. Hence the reason why voices are starting with a suggestion that Portugal should be bailed out. It's starting to get obvious.