Paul Volcker, George Soros and other financial industry veterans expect a collapse of the euro zone, but foreign exchange traders are betting that European Central Bank President Jean-Claude Trichet will save the currency. Europe's debt crisis continues to rage and spread, while the euro continues to appreciate against a basket of nine developed-nation currencies. "A lot of people are scratching their heads and wondering why the euro has been so resilient, and it's because the ECB stepped in the market and took the pressure off the European banking system," said Paresh Upadhyaya, head of Americas G-10 currency strategy at Bank of America.

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