Thursday, May 7, 2009
Strong EUR/USD Close Should Signal Euro Buying
If EUR/USD sustains its current momentum up, Jim McCormick of Citigroup says it's likely time to start buying euros. The ECB's move to quantitative easing "should be good for what has been a very good risk environment," he said, especially as measures of positioning show the market is thus far under-invested in risk trades. He sees no near term reason to sell emerging market and commodity currencies.