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Hardy: Why the euro's set to fall
The euro's rallied fairly strongly over the past few weeks but it's definitely headed lower by year's end. That's according to Saxo Bank's Head of FX Strategy, John Hardy. Hardy believes the key will be the German elections in September. After that, he says, we should have a much clearer direction as to the future of the European project. John expects more activism from the European Central Bank and that will be bearish for the euro.
The British pound has also had a strong run recently but John doesn't see that continuing. Despite some optimistic news of late, he says the structural situation in the UK economy is "quite ugly"
01:29 minutes
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