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The EUR USD fell sharply lower on Monday as traders sold Euros looking to raise cash to invest in the U.S. Treasury markets. Signs that the global financial crisis was worsening were apparent from the opening Monday morning when it was announced that the German government had to bailout Hypo Real Estate Holding AG. In addition, the Belgium government took over Fortis just a week after pumping substantial amounts of money into it to keep it solvent. More problems are expected to surface because the Euro Zone does not have a plan to bailout ailing financial institutions. Talk is circulating that the Fed and other foreign central banks are discussing the need for a unified strategy to provide liquidity to the credit markets. This may include an across the board cut in interest rates.
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