EUR/USD to Rise in 2024 as Eurozone Prospects Improve Relative to U.S., BNP Paribas AM Says -- Market Talk

Dow Jones01-10

1358 GMT - BNP Paribas Asset Management expects the euro to rise against the dollar over 2024 as the relative growth dynamic is gradually moving the eurozone's favor versus the U.S., chief market strategist Daniel Morris tells Dow Jones Newswires in an interview. However, this trend is unlikely to play out for the time being given near-term uncertainties surrounding when the Federal Reserve and the European Central Bank will start cutting interest rates, he says. BNP Paribas AM doesn't hold any explicit U.S. dollar allocation in its multi-asset portfolios but has an implicit position via an overweight in local-currency emerging-market debt, he says. "One of the drivers of the return on that position would be a weaker dollar," he says. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

January 10, 2024 08:58 ET (13:58 GMT)

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BNP Paribas AM doesn't hold any explicit U.S. dollar allocation in its multi-asset portfolios but has an implicit position via an overweight in local-currency emerging-market debt, he says. \"One of the drivers of the return on that position would be a weaker dollar,\" he says. 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