'Stress Tests' Fail to Ease Pressure on Euro

On May 1 the euro reached its peak for the year based on euro to dollar conversions, buying 1.483 USD. Since May it has begun a slow decent following news of Portugal’s aid request and Greece’s debt restructuring. Recent news of only eight reported banks failing the 90 bank stress test conducted by the European Banking Authority gave the euro a boost to begin the week. However, further details from the test and Greek’s debt restructuring uncertainty are likely to continue the downward trend, pushing the euro to near the 1.36 USD mark.

Wall Street Journal, July 18, 2011

'Stress Tests' Fail to Ease Pressure on Euro