Market Extra: The dollar is closing in on parity with the euro—at long last

More than two years after a bull market in the U.S. dollar supposedly began, the greenback is finally within striking distance of a long-awaited milestone: Parity with the euro.

That’s right: U.S. travelers to Europe may soon be able to exchange dollars for euros on an almost one-to-one basis, an extraordinary shift from early 2014, when one euro was worth $1.40.

Many Wall Street pundits have predicted parity for the greenback for years, arguing that the dollar would appreciate as the Federal Reserve embarked upon a path of monetary-policy normalization. But those forecasts didn’t look likely to pan out until recently.

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