EUR slides to below $1.05 for the first time in six weeks - BBH

According to the analysts at BBH, February has been cruel to the euro as of the sixteen sessions this month, counting today, the euro has risen in four, and two of those were last week.  

Key Quotes

“Its new four-day slide pushed it below $1.05 for the first time in six weeks as European markets were opening.  The $1.0560 area that was broken yesterday, and provided a cap today is 61.8% retracement objective of last month's rally.  Recall that the multi-year low was recorded at the start of the year a little below $1.04.”

“The main weight on the euro is presently not economic but political.  Recent developments in France underscore our argument that the success of the populist-nationalist forces requires some sort of help from the mainstream parties.  This was clearly the case in the US and UK, where no populist party was elected, but instead, the populist agenda co-opted by the center-right.”