Euro returns to fair value

- By FX Markets Staff
- @FXMarkets_
- 06 Jun 2005

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The US dollar is still undervalued against the euro, sterling and several other currencies. To me, it is very important to have the right framework in thinking about currencies, and resist the temptation to lean on circumstantial evidence. I don’t feel comfortable with the speed with which the consensus view on EUR/USD and Europe has changed: just three months ago, the world was in love with both of them.

I don’t buy the ‘Europe breaking up’ story, if that were truly what investors have tried to

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