Money Manager Manduca: Buy Euro, Pound Now Amid the Global Panic

Panic among investors has pushed the euro and pound to oversold levels, says Philip Manduca, head of investment for The ECU Group currency managers in London.

With the euro having dropped to a four-year low beneath $1.23, that area is a good spot to buy the currency, he says.

“The news is overblown to the downside,” Manduca said.

“We don’t think that the euro is going to fall apart. The political will in Europe remains paramount and is being discounted by foreign exchange operators,” he told Bloomberg. (more)