Euro Stands to Benefit from Potential Further Dollar Losses
Dow Jones
Aug 20
0859 GMT - The euro could rise modestly further against the dollar after the U.S. Treasury announced increased buybacks of long-term debt, ING's Chris Turner says in a note. The announcement should bring in a slightly more encouraging, or at least stable, investment environment, he says. High natural gas prices in Europe remain a worry but the dollar could extend its losses, he says. Foreigners are also buying a lot of eurozone debt and equities so the positive euro narrative of diversification away from the U.S. remains present, he says. The euro might struggle to break above $1.1700 in the short term, but if it does it could reach $1.1790, he says. The euro rises to a three-month high of $1.1693, according to LSEG.
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