Euro's Rally Vindicates Banks Betting Against Parity With Dollar [Yahoo! Finance Canada]
CREDIT AGRICOLE UNSP/ADR (CRARY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Morgan Stanley, Credit Agricole SA and Commerzbank AG are among the banks who defended the euro's prospects, opposing a view in markets that was popular as recently as last month that it would soon slump to be worth only one dollar. Now it's rallied 4% this week alone to $1.08, a turnaround after nearing $1.01 just a month ago. “The big change this week is that the euro is finally back in the game,” said Michael Pfister, a currency strategist at Commerzbank. “The market has just moved a little faster in our direction than we expected, so it's a small win.” The euro's jump puts it on track for the best weekly gain versus the greenback since 2020, following Germany's and the European Union's pledges to ramp up defense and infrastructure spending. Hedge funds are now buying options that the currency could even hit $1.20 in six months' time, whereas some investors were previously betting on it weakening below $0.95. Plenty of others have been forced to
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