Stay 'Far Away' From Euro in 2011: JPMorgan Exec
People definitely got burned in 2010 on the Euro and should continue to avoid the currency, Rebecca Patterson, head of Global Foreign Exchange & Commodities at JPMorgan Chase told CNBC's on Monday.
"I'm staying as far away from the Euro as I can. I am looking towards emerging Asia and I am continuing to focus on commodity currencies," Patterson said.
"The market is pricing in that it's going to be another whippy year for the Euro," she said.
"When you look at the range of forecasts for the Euro/dollar for the end of next year, the range is 1.10 to 1.52—forty-two Euro range, that's crazy, you don't see that sort of thing in currency markets very often for a major currency," Patterson said.
Part of the reason people are so uncertain is the massive amount, hundreds of billions of dollars, of sovereign debt that will be issued in the coming year.
"Uncertainty ties to whether or not the periphery can pull this off. And it's part of the reason we are just avoiding the Euro wherever we can," she said.
The Eurozone debt issuance estimates for 2011 are:
- Barclays €863B
- JPMorgan €760
- Credit Suisse €689
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