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Euro’s Rally to Get More Momentum From US Inflation Slowdown
The euro is up by almost 3% from two-decade lows hit a week ago against the dollar, and option markets suggest the rally has more room to run. The bet is that US consumer price data due later Tuesday will show inflation is near peaking, therefore challenging the dollar-dominance narrative. That view is behind the greenback’s recent retreat versus its major peers. Risk reversals, a barometer of market positioning and sentiment, show that traders are now less bearish on the common currency. The shift also reflects the hawkish European Central Bank and a fall in gas prices off highs. Overnight euro-dollar volatility ... (full story)
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