Just when you thought the dollar was headed north, along comes a downbeat economic report to monkey up the works.
Consumer sentiment unexpectedly plummeted in March, as Americans grew dissatisfied with the gridlock in Washington and skeptical about major improvements in the labor market or the overall economy. And the dollar, which has started to trade in the same direction as stocks, took a hit, especially against the euro.
The move is leading Boris Schlossberg, a managing director at BK Asset Management, to give the euro another look, and he likes what he sees.
Schlossberg points out that the dollar failed to rally on positive employment news released Thursday, which is often a telltale sign that an uptrend is over. In terms of specific currency pairs, "we certainly are definitely in a period of correction against the euro," he told CNBC's Scott Wapner. The euro, he says, "has had everything but the kitchen sink thrown at it and has been able to hold the 1.2900 level pretty well." Right now, he says, "it seems to be recovering as we speak."