Euro's Rally Eyes 2015 High as Traders Reload Long Positions
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Nomura's Hafeez Sees Trend of Euro Moving Higher
The euro eyed its 2015 high as bets the European Central Bank will start unwinding its stimulus plan combined with broader U.S. dollar weakness to prompt traders to reload their long positions.
The common currency, already at the strongest in almost two years, climbed to as high as $1.1677 in London on Friday, approaching August 2015’s high of $1.1714. Fast names are adding to their long positions on the euro having trimmed their exposure heading into the ECB meeting, said a London-based trader, who asked not to be identified because they are not allowed to speak publicly. The euro is also benefiting as investors assess whether an investigation into the U.S. president may stall his economic agenda.