Citigroup Calls Out Investors on the Euro
In a research report released Thursday, a Citigroup currency strategist questioned the confidence of investors long the Euro, Bloomberg reported.
The currency strategist, Valentin Marinov, questioned the present value of the Euro, writing, "what investors seem to be overestimating is the ability of the euro-area officials to reach a timely compromise."
He characterized the market as having already priced in a prompt Greek-debt reprofiling--an event which, as he noted, is not a given.
If Marinov's report is an accurate assessment of the situation, traders may wish to consider a short play on the Euro. ProShares UltraShort Euro (NYSE: EUO) is an ETF which attempts to correspond inversely to the value of the Euro. EUO may do well if the Euro depreciates against other currencies.
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