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Market Extra: Why European stock-market bulls shouldn’t lose sleep over a rising euro

Any investor who anticipated the U.S. dollar to weaken against its major rival euro this year would have done well by investing in European stocks.

The iShares MSCI Eurozone ETF EZU, +0.70% is up 21% year to date, compared with a 11% gain for the SPDR S&P 500 ETF SPY, +0.22% But nearly two-third of the gains for European stocks are due to a 12% rally in the euro against the dollar. The same index is up only about 8% in local currency.

The rally in European stocks has not gone unnoticed by U.S. strategists who have dialed up their exposure in client’s portfolios.

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