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Finding 'Tariff Immunity' in European Investments
Posted
June 11, 2025
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June 11, 2025
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4:31Now PlayingVirginie Maisonneuve, Global CIO Equity at Allianz, joins to discuss the global equity outlook and how inflation could play a role in US and global investments.
International use of the euro remained flat for another year in 2024, laying bare the depth of the task in challenging the US dollar on the global stage.
In overall usage terms, the share of the common currency was largely unchanged at 19%, the European Central Bank said Wednesday in an annual assessment of the euro’s situation. In foreign-exchange reserves, it held at 20% — a third of that for the dollar.
The analysis comes as European officials spot an opportunity to chip away at the greenback’s international dominance, with confidence in the US waning due to Donald Trump’s erratic policymaking since returning to the presidency. While the ECB’s data don’t cover that period, they underscore the gap between the two currencies.
Investors have been trimming dollar holdings of late, prompting ECB President Christine Lagarde to talk about a potential “global euro moment.” Spanish central-bank Governor Jose Luis Escriva said Sunday that “the euro has the potential to compete with the dollar, especially if it maintains its macroeconomic and institutional stability.”
The euro has advanced 9.5% against the dollar since Trump’s inauguration on Jan. 20. But other major currencies like the Canadian and Australian dollars have also gained, driven by reserve managers’ quest for diversification.
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