When Europe sneezes, other markets get a cold. Just watch the Australian dollar.
After several big central banks got together to offer a lifeline to European banks, it seemed for a minute as if troubles in the euro zone might be lifting. What a difference a day makes.
Now Germany says it won't vote on a rescue fund until 2012, and new economic data from Greece is underwhelming - again.
"I think this is going to continue to put a great deal of pressure on the euro," Willie Williams, director of institutional derivative sales at Societe Generale, told CNBC's Scott Wapner.
Williams suggests trading on the bad news by selling - the Australian dollar.
"As we see the U.S. and the global economy slow down, as we see them come across more fiscal headwinds across the board, I think we're at risk of seeing the dollar rally, commodities sell off, and emerging market currencies in particular." With its significant commodity exports, the Aussie fits the bill.
Williams recommends selling the Australian dollar against the U.S. dollar at 1.04 with a stop at 1.0550 and a target of 1.00.
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