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Euro’s time as safe haven ”soon over”
The recent emerging markets crisis has "oddly" made the euro in to a safe have currency. But according to Saxo Bank's John Hardy, this won't last. He says that the Dollar, which would usually profit from safe haven type flows, has been used by emerging markets to buy their currencies and this is where the main pressure has come from.
In addition, some of this week's selling pressure may have also come from the massive EURGBP reversal on the heels of Bank of England governor Mark Carney’s speech.
Going forward, there is really only one thing investors need to watch out for; tapering. The Federal Reserve may reduce its stimulus programme in September.
Read more about John Hardy's predictions here:
http://www.tradingfloor.com/posts/usd-puts-fight-ahead-month-1535797119
01:20 minutes
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