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The euro may strengthen further against the dollar as the region’s economy exceeds forecasts, said Alan Ruskin, global head of Group of 10 foreign-exchange strategy at Deutsche Bank AG in New York.
“The economic data in Europe has been improving rapidly,” Ruskin said on Bloomberg Radio’s “Surveillance” with Tom Keene. “The surprise indexes are much higher in Europe than in the U.S.”
An index of executive and consumer sentiment in the 17- nation euro region rose to 89.2 from a revised 87.8 in December, the European Commission in Brussels said today. That’s the highest since June. Economists in a Bloomberg News survey forecast an increase to 88.2.
The euro zone’s Citigroup Economic Surprise Index, a measurement of actual economics news versus a previous Bloomberg survey median, rose to 63.6 last week, the highest in almost since February 2011.
The 17-nation euro gained 0.5 percent to $1.3553 per euro at 9:45 a.m. New York time and topped $1.35 for first time since December 2011. The 17-nation shared currency has strengthened 2.8 percent against the dollar this month.
“If people are going to throw in the towel around $1.38, it’s too late,” Ruskin said. “It’s hard for the euro to soar above $1.40.”
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