Saxo preps for slowing global growth
John Hardy, consulting foreign exchange strategist at the Danish bank, said that in the case of the euro, the bank evaluated whether there was room for more downside if the Greek problem became contagious within the eurozone, or if that had been overplayed by the market. Saxo predicted a three-month EUR/USD spot rate of 1.37 on January 15, when it was 1.44, close to the actual rate of 1.36 last Monday (April 12).
Hardy said the market is too pessimistic about the G-3 currencies and too
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