For now, while Bourdeau does plan to sell the euro if it hits 1.34 after a debt deal is reached, she generally intends to steer clear of Europe. The uncertainty surrounding the Greek negotiations and the prospect of Federal Reserve Chairman Ben Bernanke's testimony on the economy on Thursday are too problematic, she says. Instead, she prefers a relative value trade down under, selling the Australian dollar against the New Zealand dollar.
Bourdeau expects Australia's central bank to cut interest rates new week, and "there has been renewed interest over the weekend of sovereign wealth funds buying kiwi assets," she says.
Bourdeau wants to enter the trade at 1.2930 with a stop at 1.3115 and a target or 1.2650.
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