European shares closed sharply lower on Tuesday, falling the most this month as the euro approached its May 2016 peak on the way to levels last seen in 2015.
As Bloomberg notes, only 1 out of 19 Stoxx 600 sectors rose.
Investors are of course concerned that the stronger euro will weigh on earnings and those concerns aren’t helped by the possibility that Mario Draghi is set to telegraph an unwind of ECB stimulus.
Meanwhile, gold’s three-day run – catalyzed in part by dollar weakness – has everyone’s favorite paper weight trading at two-week highs.
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