As the early days of the Donald Trump administration draw global opprobrium, Societe Generale's famously bearish strategist Albert Edwards is offering unlikely support.
"A lot of what he says on the economic front makes perfect sense to me." Edwards claimed in his latest note published Thursday.
Edwards said the new administration might be a "neo-liberal nightmare" but when the controversial topic of immigration was removed, there was clarity in Trump's thinking.
"We have long written on these pages that Germany is one of the biggest currency manipulators in the world. Germany aggressively refutes any criticism, let alone does anything about it (unlike China)," penned Edwards.
Trump's team has attacked Germany for using the "grossly undervalued" euro to gain unfair trade advantages with the U.S. as well as trading partners within the European Union.
The comments, published Tuesday, sent the euro to an eight-week high against the dollar.
Edwards wrote that unless Germany changes its current position it "will have huge implications for both financial markets and the sustainability of the euro zone."
He said while the U.S. Treasury and the European Commission appeared unwilling to take on Berlin, it looked like the Trump administration would act assertively.