The euro may fall below $1.20 for the first time in almost two years as concern that Spain is struggling with its finances adds to bets Europe’s debt crisis will worsen, Brown Brothers Harriman & Co.’s Marc Chandler said.
The International Monetary Fund said it isn’t discussing a rescue package with Italy and Japan said no such talks have occurred within the Group of Seven, amid concern that Italy will struggle to bring down borrowing costs.
Volatility among major currencies fell to the lowest since 2007 as global central-bank balance sheets continue growing, driving more liquidity into financial markets, even as the economy worldwide recovers.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York., says the Euro will "sell-off hard" if the Greek parliament fails to approve a property tax today. Chandler talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."