IMF Chief's Woes = Buying Opportunity, Pro Says
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Are Dominique Strauss-Kahn's troubles creating a buying opportunity? This pro says yes.
Andrew Busch, global currency and public policy strategist for BMO Capital, believes the reaction to the arrest of Strauss-Kahn, managing director of the International Monetary Fund, is "way overblown." Talk that Strauss-Kahn's incarceration will push Greece to default, which is weighing on the euro, is off base, he says.
Greece "is not going to be a hard default by any stretch of the imagination," Busch told CNBC's Melissa Lee. "They can't afford it and the rest of Europe can't either."
Busch thinks all the buzz is creating a buying opportunity for the euro. And in the meantime, over in Japan, Busch believes the upcoming Bank of Japan meeting, and a GDP report that is likely to be soft, will probably dent the yen. So Busch recommends buying the euro and selling the yen at 114 with a stop/loss at 112.75 and a target of 119.50.
Technical patterns also support the trade, Busch says, noting that the euro and yen have been trading in a channel. His entry point is towards the bottom of the channel, and his target is close to the top.
You can watch the whole discussion in the video clip.
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