If Brown Brothers Harriman calls for an interview and asks where I heard of them, say you read a post by Marc Chandler, global head of currency strategy, on Seeking Alpha.
He touches upon the cyclical nature of banks to buy and sell currencies when they are priced appropriately in the market, creating a cyclical wave of buy and sell for banks around the world. The Euro has obviously been heading downward from around $1.19 this past week. Chandler says that banks are actually more prone to act counter-cyclical when diversifying reserves over the course of the next few years. This refers to buying the Euro when it is weak and selling the stronger currencies, such as the Australian and Canadian dollars which posted the strongest first third of the year (3% and 3.5% respectively).
