The Euro to Dollar (EUR/USD) exchange rate dipped to just below 1.14 this week before a recovery to the 1.1550 after the latest US jobs data. On a long-term view, Berenberg expects fiscal deterioration will be a key element undermining the dollar and it considers that EUR/USD gains to 1.50 are realistic over the longer term. Berenberg notes that the US has registered a budget deficit every year since the 1960s, but there has been a notable shift in trends over the past few years with substantial deficits even when growth is solid. Following the latest Budget Bill, the bank estimates that the US will run a deficit of ... (full story)