Here is the latest from AEP over at the UK Telegraph, and his take on the latest developments re Greece and the EU. I’m not a big fan of much of his work but some of his conclusions are hard to avoid; Greece needs help, this is most likely to come from IMF, such a move could hasten another constitutional challenge to the EUR within Germany. This story is likely to stay in the news for the rest of 2010 and as such the EUR will find it very hard to muster any bullish momentum.
So what are our choices: buy EUR, no thanks; buy GBP or buy USD, no thanks (but at least they’re relatively cheap); buy JPY, not at these levels. Little wonder that the CAD, CHF and AUD are in such demand.
