Wall Street Trading Desks Turning Bullish on Euro

For the first time in months, Wall Street trading desks are turning more bullish on the Euro and not betting against the currency shared by 16 European nations, CNBC reports, citing people familiar with the matter.

Some think the Euro, considered by investors as an indicator of confidence in the European economies, could go to $1.30 by the end of the summer, if not sooner.

Having said that however, futures reports continue to show that record Eur shorts remain in place. In addition, traders still have many unanswered questions about how Europe will pull itself from its debt crisis without hurting its recovery. Needless to say, rumors and not fundamentals are again expected to dominate the majority of currency positions.

1.00 EUR-USD 1.2535. The euro was launched January 1, 1999 at 1.21 to the dollar.

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