Thomson Reuters: Eurodollar rise will 'run out of steam'
Matthew Foster-Smith, senior currency analyst at Thomson Reuters in London, said the eurodollar rally had surpassed most dealers' expectations, albeit exacerbated by the lighter summer conditions. He said the rise was accelerated by the European stress tests results released last month, which showed that 84 of the 91 European banks that underwent the tests had passed.
Eurodollar rallied from 1.19 on June 7 to 1.29 on July 26 but Foster-Smith said the gains are beginning to run out of steam.
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