BLBG: Euro Gains Are Selling Opportunities, Dresdner-Commerzbank Says
The euro’s gains against the dollar are unlikely to be sustained even if today’s index of services and manufacturing in the region shows an improvement, Dresdner Kleinwort-Commerzbank said.
“We see such upticks as selling opportunities,” a team of strategists including Michael Klawitter in Frankfurt wrote in a report today. “The return of risk appetite was no lasting argument in favour of the euro during the last couple of weeks. It hardly will be this time.
‘‘Some of yesterday’s euro-dollar strength was related to euro-pound-buying, a development which we do not expect repeating to the same extent in the days to come,’’ the strategists wrote.
