Buy US dollar rather than EM currencies as a euro alternative, says Schroders

Investors should continue to seek alternatives to the euro, as the outlook for the eurozone remains uncertain despite a recent wave of optimism driven by this week's bail-out package for Greece and the European Central Bank's longer-term refinancing operations (LTROs), according to Schroders.

"The market has been extremely bearish about the euro. Clearly the LTRO was a big boost to liquidity, which has helped remove some of the tail risk for the time being, but we still think there is a poor