The euro got quite a lift from the European Union summit, but this strategist says the party's over.
When European Union leaders announced actual progress at their summit last week, the euro went on a joyride. But don't expect the fun to last, says Willie Williams, director of institutional derivative sales at Societe Generale. "What we are seeing today," with the euro's pullback, "is there are still a lot of conditions that need to be met before these programs go into place, so I think the sentiment has changed but we have not seen any game-changing outcomes from the summit," he says.
It's not as if the upcoming European Central Bank meeting will help matters, either.