Jim Rogers Invests In The Euro; Finds Oil As An Attractive Investment

In an interview with the CNBC, renowned investor Jim Rogers said that he has finally gone ahead and bought the single European currency. The euro reached a two-week high versus the US dollar in the early morning trade, aided by a Wall Street rally yesterday and improved risk appetite. However, investors continued to be concerned about Spain’s financial situation, forcing the EU to deny a report on the country looking for a credit line.

Rogers commented that “I bought the euro Friday and Monday, I don't know if it's just a trading bounce or if it's going to be fundamentally sound from now on.” He had a skeptical stance on the promises made by various European governments, including Greece, Spain and Portugal, to initiate steps to diminish wide budget deficits. He said, “I don't believe them, of course, but maybe they mean it this time.”

Rogers maintained that reforms will be required to be implemented not only at the country level but also across the union. "The EU says they are going to force everybody now to run a tight ship. It has to be everybody. If it's not everybody, is not going to work," he mentioned.

Rogers considers oil as a good long-term buy as “drilling opportunities are dwindling as the Obama administration mulls banning offshore operations after a well owned by BP ruptured on April 20, causing the biggest oil spill in the US history.”

When asked to comment about other analysts’ opinions on oil reserves, Rogers said “The IEA is going around the world pleading with governments to understand that oil is running out. Where is the oil? Tell us, so we can buy it.”

Some of the oil stocks that are in news are BP Plc (NYSE: BP), Transocean (NYSE: RIG), Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM).

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