Euro Will Stay Above $1.30 on Central-Bank Buying, FxPro Says
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The euro is likely to stay stronger than $1.30 this year as central banks and sovereign-wealth funds seeking an alternative to the dollar keep buying the shared currency, according to FxPro Group Ltd.
The 17-nation euro will trade between $1.30 and $1.40 for the rest of 2011 as buyers led by the Swiss National Bank and its Asian counterparts purchase assets denominated in the currency as a substitute for the greenback, said Michael Derks, chief strategist at the foreign-exchange broker in London.