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As trade war heats up, biggest currency whales make their move
By Katherine Greifeld
Bloomberg News
Monday, March 26, 2018
For the first time in a decade, the world's central banks are looking beyond the dollar to build their currency reserves.
With U.S. protectionism on the rise, a number of Wall Street strategists say the case for the euro has rarely been better. Existential crises that hobbled the European experiment have receded. A resurgent economy has spurred talk the region's central bank will curb policies that drove euro yields below zero. And as President Donald Trump threatens a trade war with China, the European Union is pursuing free-trade deals all across Asia and Latin America.
Of course the dollar commands most of the world's $11.3 trillion of international reserves and most expect it to remain that way. But even a small shift -- whether as a hedge against Trump's trade policies or in the name of diversification -- could have big consequences. After shunning the common currency for years because of negative interest rates and the region's persistent turmoil, reserve managers at some of the biggest central banks are now looking to add more euros, according to two heads of foreign-exchange strategy who’ve held regular discussions with them. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-03-26/as-trade-war-heats-up...
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