Unlike back then, when those holding short euro positions ended up getting burned as the currency gained ground during the global economic recovery, investors at the current juncture “appear to have been correctly adding to short EUR exposures,” in the view of BNY strategist Daniel Tenengauzer.
The euro has plummeted this year amid the fallout from Russia’s invasion of Ukraine, which has helped drive up energy and food prices as well as stirring broader geopolitical concerns. With drought added into the mix, inflation has skyrocketed. So too, though, have growth concerns, potentially inhibiting the European Central Bank’s ability to lift interest rates as fast as other global peers and damping investor appetite for assets in the region.
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