European banks under euro threat
Several of Europe’s largest forex providers repatriate FX earnings from their non-European trading desks for inclusion in quarterly and interim reports. With the US accounting for some 26% of FX turnover in major – US, Germany, UK and Japan – markets, the euro’s rise could dent earnings – the fiscal half year for many European banks ends June 30 – translated to banks’ home nations for accounting.
The euro’s impressive rise – the currency has been on a near-continual ascent since January 2002 –
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