Respectable bond sales and disappointing U.S. data are pushing the euro higher, and this strategist sees a trading opportunity.
Willie Williams, director of institutional derivative sales at Societe Generale, is impressed by recent bond auctions in Europe and elsewhere.
"We saw a very good Spanish bond auction. We saw good bond auctions in Hungary, good bond auctions out of Japan," he told CNBC's Scott Wapner. And then, when the European Central Bank effectively said interest rates would not be cut in February, "we saw profit taking on short euro positions."
But Williams is less impressed by the long-term prospects for the euro. He is concerned about a possible credit contraction in Europe, and if the U.S. economy slows down, as Thursday's retail sales figures suggest it might, "I think we could return to a euro trajectory that's headed lower," he says.