At least, that's how it seemed over the past week, as the euro sank below 1.30 after the uncertain political results combined with dismal economic reports and risk-averse investors headed for long-time safe havens.
Brian Kelly of Shelter Harbor Capital says the shift won't last.
Alluding to the euro, he told CNBC's Melissa Lee that "I don't think it goes much lower. I tend to be a little bit more bullish on the euro, particularly particularly after how it reacted after the Italian election." He also thinks the European Central Bank will hold off on an interest rate cut at its upcoming meeting. "Euro above 1.30? I like it."
Over the long term, Kelly says, "the worse that Italy gets, the stronger the euro gets because Italy isn't going to keep the euro."