With the euro below its longtime trading range, this strategist thinks more weakness is in store.
Whatever the cause, the euro today is below its longtime trading range, and it looks primed to keep moving lower.
"The bottom line is, no growth means no future for the euro zone," says Andrew Busch, global currency and public policy strategist for BMO Capital. "There just isn't a path for growth, and it's getting worse."
Investors have large short positions on the euro right now, which suggests that the currency could bounce on a bit of good news or positive commentary. For Busch, though, that bounce would just create a selling opportunity.