Euro to Go Under $1.20 'Almost Certainly': Gartman

By: Antonia Oprita
Web Producer, CNBC.com

The euro will drop even further against the dollar because Europe's problems will not be easy to solve, Dennis Gartman, author of "the Gartman Letter," told CNBC Tuesday.

The single European currency [EUR=X 1.2216 -0.0086 (-0.7%) ] hit a 4-year low versus the greenback after the European Central Bank warned that more bad loans were ahead for the continent's banks.

Growth concerns were also high on investors agendas, after data showed manufacturing in the euro zone expanded in May at a considerably slower pace than in April, when it reached a 46-month high.

Austerity will not be embraced "affectionately" by Portuguese, Greeks, Italians so the euro zone's problems will increase, Gartman said.

The euro "is having a rough month, it's having a rough year… it's probably going to continue to have rough times ahead. Are we going under $1.20? Almost certainly," he added.

The price of oil, which has fallen recently because of worries regarding the strength of the world recovery, is unlikely to recover, Gartman said.

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