The U.S. dollar could build on its strong gains this year, even with the Federal Reserve not raising rates, as the United States' economic prospects near term look far less grim than those of other countries.
div > div.group > p:first-child"> The dollar index, which tracks the greenback's performance against a basket of six currencies, is up more than 1 percent in 2019. Last week, it reached its highest level since Feb. 15. Against the euro, the dollar is up 2 percent this year and notched its biggest weekly gain in six months on Friday.
Investors across the globe and asset classes are fretting over the possibility of a slowdown in economic growth amid weakening data. Over in Europe, the European Central Bank slashed its euro zone growth forecast for 2019 to 1.1 percent from 1.7 percent. ECB President Mario Draghi also said Thursday there is a"sizable moderation in economic expansion that will extend into the current year."
"If you compare the rates across the board, the U.S. still far outperforms," Silicon Valley Bank's Ng said. There are risks to having a stronger dollar, especially for U.S. multinationals. A stronger dollar makes it harder for consumers and companies overseas to buy U.S. products by making them more expensive.
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