There are some prognosticators - like me - that got this wrong.
Something's going on here, and I don't know what it is.
* * * * * J B K * * * * *
San Francisco
United Technologies Corp. finance chief Greg Hayes sets aside some wiggle room in his profit forecast every year for swings in the euro. By March, half his safety net had already evaporated.
The maker of Otis elevators and Pratt & Whitney jet engines, which gets about a quarter of its sales from Europe, started 2010 assuming a $1.48 euro exchange rate. Hayes cut it to $1.37 last month as concern mounted that Greece would default on its debt. This week, the euro dropped below $1.32 for the first time since April 2009.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajybDxdGYW.M&pos=5
