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The euro has been strong recently. The EUR/USD rate shot up to a two-year high, to a level of 1.21. But not only the euro has been “strong” against the dollar. Better said, the recent euro strength can for the most part be explained by recent dollar weakness. The gold price in dollars went up as a result, even exceeding $1300 per troy ounce, but gold prices for investors in the Eurozone have remained mostly flat. Where is the EURUSD heading next?

Euro Strength Is Mostly Dollar Weakness

Source: Google Finance

Speculation against the Dollar at Record Highs

source: Thomson reuters

Interest Rate Differentials

source: ufm market trends

Source: db globla markets research

source: cme group

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