Euro to retain gains made vs dollar in next 12 months |
Reuters - Jul 6, 2011 |
The euro should hold on to recent gains made against the dollar over the next 12 months, underpinned by higher interest rates while the currency union's sovereign debt crisis continues to rage, a Reuters poll showed.
Conducted largely before Wednesday's shock credit rating downgrade of Portugal to junk status, the monthly survey of around 50 strategists showed the euro weakening slightly in a year's time to around $1.39 from $1.43 currently.
That was roughly unchanged from last month's poll.
While the euro fell on Wednesday after the Portuguese downgrade, it has gained more than 7 percent against the dollar this year. A widely expected interest rate hike from the European Central Bank on Thursday should lend it support.
Read Full Article from Reuters
- Posted: 2011-07-06 14:21:39
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