Chart of the month: euro sell-off

The chart below (March EUR) really sums it up. Once again, the Economist cover contrarian trade prevails. With models and rappers talking up the euro, a dollar counter-rally makes sense. Euro has sold off to my initial estimate around $1.43 (post below), and it may continue to sell off, pending future data. But I'm expecting not much action until year-end, at least not until we get US payroll data and ECB rate decision during the first half of Jan. 2008.