After the euro's slide to 22-month lows against the dollar, investors are s...
LONDON - After the euro’s slide to 22-month lows against the dollar, investors are scrambling to shield themselves from more weakness as Europe’s poor data contrasts with an upbeat U.S. economy that is sending the dollar surging.
On Thursday, the pair traded as low as $1.1117, the lowest since May 2017. The dollar, meanwhile, soared against a basket of currencies as robust data on jobs and durable goods orders took its year-to-date gains to 2.2 percent. The Federal Reserve’s dovish shift at the start of 2019 would normally have hurt the dollar. But the Fed move was followed in March by the ECB’s decision to push back further planned interest rate rises.
Until now, investors have had to pay relatively little to protect their portfolios against a euro downside, because currency volatility has been so low and few were buying options. One-month implied volatility - a gauge of expected price moves - has also jumped, after threatening to hit record lows only last week.
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