Dollar gains, but market sees future euro strength

- By FX Markets Staff
- @FXMarkets_
- 29 Jul 2002

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LONDON -- The dollar fought back against the euro last week, but market participants told FX Week the correction is likely to be short-lived.

Euro/dollar traders showed no respect for the previously key parity level last week, as the currency pair wavered around the 1:1 level. On Thursday (July 25) alone the pair moved through parity more than 10 times.

"There is no significance to the level [parity] anymore, technical or psychological," said an FX trader at a UK bank in London.

The euro began

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