The euro dollar exchange rate is 0.715% lower on the day with 1 EUR = 1.3328 USD. The euro pound exchange rate is 0.028% higher on the day with 1 EUR = 0.8594 GBP. The euro exchange rate finds itself on the back foot once more. The bad news is things could get worse from here simply based on the fact that October is a traditionally bad time for markets. Analysts point out that this is traditionally the most volatile month even in good times. Add to this the observation that many of the largest crashes of recent times have occurred in October and we get the picture that risk assets such as the Euro are looking vulnerable. Indeed, the euro dollar exchange rate is hitting fresh lows ahead of yet another European crisis meeting. "Crisis meetings are becoming an alarmingly common occurrence in the eurozone, and their consistent failure to produce results is even more worrisome. Officials will be looking at a Greek default, protecting banks from a subsequent collapse and potentially increasing the bailout fund today," says an exchange rate note from Caxton Fx. Once again, any significant rebound in the euro is reliant on a major and convincing concrete plan emerging. Market scepticism towards these meetings is understandably increasing by the week and in line consensus, we doubt much will surface today. This pair trades way down at $1.3350 this morning.

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