Like many new year resolutions, convictions about the future direction of currencies can crumble fast.
The majority of strategists and investors set about trading in 2021 with a rock-solid conviction that the dollar would weaken, pushing the euro higher. With most of the year still ahead, this previously popular view might still become true but so far it’s not so good.
The euro has lost 1.2 per cent against the dollar since the start of January, slipping from its multiyear highs of $1.2349 in early January to hovering around $1.20 on Wednesday. The dollar index, which measures the value of the US currency against a basket of its peers, is up 1.2 per cent this year.
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