With little or nothing positive on the horizon for Europe, here's a way to trade into a healthier economy.
The drumbeat of bad news from Europe has been kind of relentless lately. The stability fund will not be finished on time, and no one seems to making progress on dealing with Greece.
Also, when Treasury Secretary Timothy Geithner attend the EU finance ministers' meeting he got a bit of a cold shoulder, according to Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional.
"I don't see much helping the euro," she told CNBC's Melissa Lee.
Patterson recommends selling the euro - against the Singapore dollar.
"Singapore is the Switzerland of Asia," Patterson says, pointing to the country's current account and budget surpluses and robust GDP growth. "These are amazing fundamentals. This is where people want to be." On top of all that, she says, the Singapore dollar sold off in the last several days as hedge funds reduced their emerging market positions.
Patterson suggests selling the euro at 1.74 with a target of 1.68 and a stop loss of 1.77.
Andrew Busch, global currency and public policy strategist for BMO Capital, likes the trade too. He calls it "the safe way of selling euros," and suggests selling the euro against the dollar if you are looking for a more aggressive trade.
You can watch the discussion in this videotape.
MULTI CURRENCIES v The Dollar
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