From Citi ... every single strategist in the world is bearish on the euro:
- EUR/USD is falling so fast that the average Q4 2015 EURUSD forecast is now above spot
- Every single strategist in the world is bearish
- "Expect a spate of forecast revisions to reflect the lower spot rate. Using the rate of decline observed over the past two weeks (56 pips/day average), EURUSD will hit zero on July 22nd of this year and be negative by August"
:-D (Its OK, they're joking)
- "Clearly the rate of decline is unsustainable but there is infinite supply and no demand right now so some sort of overshoot is likely"
- "It is worth noting that a substantial portion of what is going on is EUR selling, not USD buying as evidenced by moves in EURAUD, EURSEK, EURJPY etc. Everyone in the world seems to have decided in the last few weeks that it's time to hedge all their European assets and issue European debt"
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