A hardening perception that the U.S. recovery is lagging Europe has buttressed the euro, which has repelled a rebound in the dollar and rose back above $1.18 on Wednesday.
“U.S. economic outperformance, relative to the eurozone and Japan, is no longer guaranteed given the damage from the COVID-19 pandemic,” said Tai Hui, J.P. Morgan Asset Management’s chief strategist in Asia. The New Zealand dollar rose 0.3% to $0.6646, catching some support from a surprise dip in the jobless rate. The yen rose 0.1% to 105.60 per dollar and sterling edged higher to $1.3091.
That has the common currency more or less back where it began life in 1999 and has many investors convinced it can keep climbing as a Europe-wide fiscal relief package anchors recovery and allays perennial worries about the bloc’s stability.
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