In a shocking turn of events, the famous currency pair EUR/USD soared to a 10-week high of 1.1026 thanks to a bizarre chain of events that left analysts scratching their heads.
According to FactSet, the sudden rise was caused by a significant drop in U.S. headline annual inflation – a fact that sparked a heavy selling frenzy in the dollar. UniCredit Research claims that the market was so confused by this phenomenon that traders were tripping over themselves to get rid of their dollars as fast as they could.
One analyst, who wishes to remain anonymous, joked that the U.S. might as well start using Monopoly money considering how worthless their currency has become.
In response to the unprecedented spike, fictitious economists have proposed an interesting solution to reverse the trend. They suggest that the U.S. government could start selling dollar bills as souvenirs to tourists, because let’s face it, it would be worth more as a memento than as a legitimate form of currency.
While the world waits to see what comes next for the floundering dollar, investors are keeping a close eye on EUR/USD – the currency pair that just keeps creeping higher and higher for reasons unbeknownst to us all.
