Editor's Note: This is an excerpt from Hedgeye CEO Keith McCullough's remarks on The Macro Show yesterday morning. If you'd like to learn more about how you can ramp up your investing and trading game before the market opens every day click here.
Get the euro right, you’re going to get the dollar right. And then you get the reflation or the deflation trade right. I can’t say that enough. Again, we called this back in September. We are going to call it again now. You can see it with the dollar breaking out which of course is a derivative of the euro breaking down.
Do you have a catalyst to get the euro back above 1.13? I don’t. All the catalysts are lined up to devalue the euro. Whether it is the…
- ECB response
- Greek response
- ‘No soup for you!’ response
… I don’t care what the response is. But it is going to be a devaluation of the European currency. So again, 1.09 this morning, which is down -0.7%.