The euro is expected to achieve its best weekly performance since 2009! Traders bet that the upward trend will continue
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After Germany pledged to increase defense and infrastructure spending, the euro is expected to achieve its best weekly performance since 2009. Data shows that the euro has risen nearly 5% against the US dollar this week, reaching a four-month high of 1.0871 at one point. Options traders are betting that the euro will rise to 1.10 against the dollar, and may even break 1.20 next year. Germany and the EU's spending plans are expected to boost the eurozone economy and reduce the necessity for the European Central Bank to cut interest rates. Bank of America strategists expect the euro to rise to 1.15 against the dollar by the end of the year
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