Imbalance of trade

It doesn't seem to matter just how bad the situation appears to get for the US economy, the two-year-old euro is still struggling to break back into trading levels near parity with the dollar.

Even now, with commentators more and more convinced that the US recession will be more prolonged than the short, sharp snap first expected, the single currency can do no more than hold its own on the foreign exchanges.

Once again, speculative accounts, including many of the macro hedge funds, are starting