Euro Is No Longer a ‘Compelling Sell,’ Buy on Dips, RBS Says

By Daniel Tilles

Oct. 29 (Bloomberg) -- The euro’s strengthening trend remains intact and investors should buy the currency when it weakens, according to Royal Bank of Scotland Group Plc.

The “euro remains in an uptrend,” Greg Gibbs, a foreign- exchange strategist in Sydney, wrote today in a report. “It has dropped back to the middle of its last consolidation zone in late September to early August. In a bigger correction scenario it may make it down to $1.45ish, but it is no longer a compelling sell, and medium-term considerations favor buying dips.”

The euro was little changed at $1.4714 as of 7:03 a.m. in London.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net