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Euro Risks From Cyprus: Pro

Monday, 25 Mar 2013 | 6:14 PM ET
Real Impact of Cyprus Ahead: Pro
Monday, 25 Mar 2013 | 5:16 PM ET
The banking crisis in Cyprus makes the euro more susceptible to future shocks, Citigroup Global Head of G10 FX Strategy Steven Englander says.

The banking crisis in Cyprus makes the euro more susceptible to future shocks, Citigroup Global Head of G10 FX Strategy Steven Englander said Monday.

On CNBC's "Fast Money," he said that he didn't think the euro would slide much farther than $1.30, its 200-day moving average.

"I don't think it's going to go that much lower. It's already taken a lot of pain," he said. "For the rest of Europe, it's really not that important."

However, Englander noted a risk for the euro going forward, saying that the currency would be "

more susceptible to any kind of negative shock."

When consumers and depositors see trouble for the euro in the future, he added, their first thought is to cash out their bank accounts.

"And if you're a policymaker, the first thing you're going to ask is, 'When should the gates get shut?'"

Trader disclosure: On March 25, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long JPM; Simon Baker is long GLD; Simon Baker is long YHOO; Simon Baker is long EBAY; Guy Adami owns C; Guy Adami owns GS; Guy Adami owns INTC; Guy Adami owns MSFT; Guy Adami owns AGU; Guy Adami owns NUE; Guy Adami owns BTU; Guy's note: "My wife, Linda Snow, works at Merck"; Brian Kelly is long Treasuries; Brian Kelly is long GOLD; Brian Kelly is long Silver; Brian Kelly is short S P; Brian Kelly is short .DAX; Brian Kelly is short copper; Pete Najarian is long stock AAPL; Pete Najarian is long stock BBRY; Pete Najarian is long stock SBUX; Pete Najarian is long stock FB; Pete Najarian is long stock MSFT; Pete Najarian is long calls NOK; Pete Najarian is long stock GE;

For David Strasser
Janney Montgomery Scott LLC currently acts as a market-maker in the securities of Best Buy Corporation; Janney Montgomery Scott LLC intends to seek or expects to receive compensation for investment banking services from Best Buy Corporation in the next three months; The research analyst is compensated based on, in part, Janney Montgomery Scott's profitability, which includes its investment banking revenues.

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