US woes cloud eurozone strength
MARKET VOICE
The 13% rally in euro/dollar in the past six months owes more to dollar weakness than euro strength. But, say Michael Metcalfe and Harvinder Kalirai (right), senior strategists at State Street, eurozone fundamentals are robust enough to sustain a further rally
Although euro/dollar has risen 13% this year, the euro’s narrow effective exchange rate has risen a more modest 5.5%, and little more than 2% if we exclude the contribution of dollar weakness within that. Hardly what we might term ‘euro
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