Euro to Drop to $1.23 ‘Quickly’ on Eastern Europe, ABN Amro Says
By Justin Carrigan
Feb. 17 (Bloomberg) — The euro may weaken to $1.23 amid concern banks with units in Eastern Europe may be downgraded, according to ABN Amro Holding NV.
“The euro will fall, and potentially quickly,” Greg Gibbs, director of foreign-exchange strategy at ABN Amro Australia Ltd. in Sydney, wrote in a note yesterday. After dropping through $1.27, “ it may quickly fall to $1.25, and potentially to the low last year of $1.233, relatively quickly.”
The euro was at $1.2633 as of 6:41 a.m. in London.
To contact the reporter on this story: Justin Carrigan in London atjcarrigan@bloomberg.net
Last Updated: February 17, 2009 01:44 EST