See the euro back toward its records of 1

Tom Levinson, strategist changes at ING

"Our current target for the end of the year is 1.30 dollar, but it is possible that the review downward, to $ 1.25." Longer term, the single currency should move towards 1, 15-1, 20 dollar, which represents its equilibrium value. The Greek episode might permanently undermine the credibility of Monetary Union and its motto. The use of the international monetary Fund (IMF), even if it probably represents a good solution, gives the impression that Europe is not able to solve its problems. Once the shaking is past, the market will focus on the theme of monetary tightening. It is very likely that the US Federal Reserve (Fed) Act prior to the European Central Bank (ECB), perhaps in the fourth quarter of this year. The dollar should benefit from any precursor: the Federal Reserve can for example quickly raise its discount rate and then abandon his sentence key on the maintenance of "exceptionally low rates for an extended period". The performance of the loans at 2 American years will undoubtedly react, which would make back the greenback to the single currency. See the euro back toward its records of 1.60 dollar us appears to be excluded in the next two or three years.

Stephen Jen, Manager changes at BlueGold Capital

"The euro will significantly decrease this year." The crisis we should lead to a "new normal" market, with a distinction between yields on loans of State of the various members of the euro area. This fragmentation of the bond market may slightly reduce the attractiveness of the European currency as reserve currency, for reasons of liquidity. The euro should stop behaving like the deutsche mark - as it did in the past ten years, and lose its premium to move closer to its $ 1.20 equilibrium value. However, in the long term prospects are more favourable. The Greece is in fact a bad for a while. The political will of Europeans to see economic and Monetary Union (EMU) work is so strong that institutional changes will no doubt made to strengthen it. I believe that EMU will exit strengthened and it is therefore not impossible to attend a rebound of the single currency as early as 2011.

Adarsh Sinha, change strategist at Barclays Capital

"Our horizon of three to six months is soon achieved, since it is located at 1.30 dollar." The pressure on the euro is explained, in the short term, by the uncertainty surrounding the mechanisms of support for the Greece, while the country must meet deadlines as early as April. An explicit solution must therefore be made very quickly. But do not forget that the Greece must also perform heavy repayments in the next few years. All bad news are perhaps not yet integrated into the current of the euro. Effect of contagion from the Greek crisis remains possible. Whether or not the use of international monetary fund is a positive or negative factor, I think, in the immediate future, the foreign exchange market the perceived evil because the solution of the IMF is associated with the emerging countries. But, in reality, this mechanism has the advantage of avoiding moral hazard that could represent a plan purely European aid, which could, he encouraged other States members to be lax in their management of deficits. On the other hand, the IMF has recognized expertise and known to communicate with markets, certainly better than European leaders. In fine, this solution can therefore help to stabilize the European currency. But, I do not think that the euro could bounce to 1.4 0dollar. The equilibrium value of the currency, by taking the test of the purchasing power parity, is around $ 1.20. In addition, it should be noted that a weak currency facilitates tax adjustment of States.