Survey Says EUR Overvalued, UK Double-Barreled Downside
MER’s Portfolio Managers’ Survey highlights: “Worldwide Currency Misalignment”
50% of respondents said USD is undervalued, up from 30% in Jan.
71% of respondents said EUR is overvalued , up from 55% in Jan.
52% of respondents think GBP is overvalued — despite the shellacking the Pound has taken against JPY and EUR.
Asset managers are staying away from UK equities because of Sterling weakness. Indeed, 31% of asset managers said they are underweight UK equities.