Citigroup Cuts Euro View Against Dollar, Pound, Franc
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Citigroup Inc. technical analysts scrapped recommendations to bet the euro will appreciate against the Swiss franc, British pound and U.S. dollar, citing “price action in the past 48 hours.”
The euro’s drop against the pound and franc and its failure to close near the intraday high versus the dollar yesterday shows Europe’s single currency lost momentum, Tom Fitzpatrick, chief technical strategist in New York, said in a telephone interview after publishing a research note. The euro has rallied 13 percent against the dollar since June 30 on speculation the Federal Reserve will debase the greenback by increasing debt purchases.