JP Morgan’s Chief investment Officer is short Euros into fall 2011. He said so publicly Tuesday in the WSJ. He predicts EUR to drop to USD 1.20 by the end of August. If the Euro falls further, I found a few plays that stand to benefit.
Natuzzi, S.p.A (NTZ)
A high-end furniture designer with 430 galleries worldwide. I was in Singapore and Tokyo over the holidays, and I swear I saw 10 stores between the two cities. So they make their money in non-Euro currencies, and from the affluent.
Carnival PLC (CUK)
The cruise and vacation tour operator is London based, and makes its money off cruises in Hawaii, Alaska, Bermuda, Canada/New England, the Panama Canal, and South America. They have some European business, and operate three cruise ships in the Spanish market, but are well diversified and have the lion's share of their business well outside the Euro Zone.
Disclosure: No positions held.