With U.S. markets in a swoon, should you invest in foreign currency? Karen Finerman reveals her play.
I think England has the same economic problems that America has, and yet its currency is strong as compared to the dollar, says Finerman. It cost me over $150 to have my hair blown out, when I was on vacation in London. And a local phone call cost me over $10 dollars. To my way of thinking the pound is overvalued and I recommend being short the pound.
I agree, adds Guy Adami. Look at it this way, if Britain is in the first inning of rate cuts and the US is in the 7th inning, that bodes well for the dollar.
I’m with you old chap, Jeff Macke exclaims.
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Trader disclosure: On Apr. 14, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (YHOO), (INTC), (HAS) (MSFT); Najarian Owns (AAPL), (AMR), (CSCO), (TSO) (XLF), (YHOO); Najarian Owns (BHI) Calls, (BSC) Calls, (CHK) Calls, (LEH) Puts; Najarian Owns (MSFT) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (WMT), (YHOO), (GLNG), (CROX); Finerman's Firm Is Short (IYR), (IJR), (SPY), (MDY), (IWM), (COF) (GLD); Finerman's Firm Is Short (FNM) Calls; Finerman's Firm Is Short The British Pound; Finerman's Firm And Finerman Own (KALU); GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC