A drop in the euro/dollar exchange rate to a four-month low raises the prospect ...
LONDON - A drop in the euro/dollar exchange rate to a four-month low raises the prospect of a repricing of one of the world’s most important macro-economic metrics and a potential re-rating of the U.S. currency across the globe.
Citigroup’s economic surprise index for Europe has slumped to a four-month low .CESIEUR while a similar gauge for United States has .CESIUSD jumped to a five-month high after dismal German industrial data and strong U.S. jobs figures last week.
But the euro’s case is unique in its zero correlation to geopolitical events. That means a yield-seeking strategy of borrowing in euros and investing in dollars can be profitable, even through episodes of missile strikes and virus attacks.
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