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23 May 2022

Euro rallied on Monday as Investors sold the Dollar in Hopes of Global Growth

The Index Today

Recent trade shows that the euro rose 0.3% to $1.0602, adding to a 1.5% gain last week and moving away from the $1.0349 multi-year lows reached earlier this month. The Japanese yen also seized on the dollar selling to rise to 127.66 yen per dollar.

The U.S. dollar index, up about 16% to a two-decade high over the 12 months to the middle of May, fell 0.3% to 102.6.

Reuters reported that a calmer mood on equity markets in early European trading also pressured the dollar, which fell sharply last week but has been the go-to currency for investors this year when risk assets tumbled and worries about the economy and inflation jumped.

Recent data shows that the Sterling rose 0.5%, while the Norwegian crown also performed well as the sell-off in the dollar that began last week continued into Monday.

MUFG analyst Lee Hardman said, "We see this as just a temporary correction (in the U.S. dollar) for now. If we look at the main reasons why the dollar has been strengthening so much in recent months, we don't think that fundamental story has changed significantly over the past week."

"But in the very short term there is a risk that this correction lower could extend further," he added, pointing to the build-up in long dollar positions in recent weeks that leaves the market vulnerable.

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