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Euro currency can weather Grexit: Strategist
If recent history is any indication, Europe's single currency will weather Greece's exit from the euro zone should it come to pass, Jens Nordvig of Nomura Securities International said Wednesday.
The global head of FX strategy noted that markets have already had two trial runs over the last two weekends, first when negotiations broke down between Greece and its creditors and then when Greeks voted no in a referendum on further austerity.
In both cases, the euro dipped and recovered quickly, he said, and the same would likely hold true if Greece leaves.
"I don't think it's going to be a long downtrend," he told CNBC's "Squawk Box." "We're going to have a dip. We're going to have it fully priced in, and then we're going to look ahead. What's really the next thing to watch."
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The thing to watch is the direction of politics in other peripheral European countries, he said. "Are there going to be other countries that sort of mirror what's happening in Greece?"
The relatively muted reaction from European markets has shown that a breakup of the 19-nation euro zone is possible without triggering panic, Nordvig said.
"One thing that we've learned this week is policymakers in Germany and Holland and so forth, they are really embracing the exit. More and more people are actually advocating that the Grexit is the best option for Europe," he said.
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