Euro Returns 5% for Bulls Who Acted on ECB’s Defiance

The euro’s rally from a four-year low in June resulted in losses for followers of bears from Paul Volcker to Dennis Gartman.

Since Volcker, the 82-year-old former Federal Reserve Chairman, said May 13 the euro may face “disintegration,” it’s up 5.99 percent against the dollar. Traders who held off purchasing the common currency on June 18, when Gartman called it “doomed,” missed a 7.3 percent return. Buying on May 6, when European Central Bank President Jean-Claude Trichet said the euro was a “good store of value,” earned 5.28 percent.