(CBS News) The U.S. dollar continues to defy gravity, soaring over the world's other major currencies and leading many U.S. businesses to complain that the greenback's strength is hurting their profits overseas.
TEMPUS, a provider of foreign exchange services to corporations, expects the euro to strengthen during the summer and climb back to $1.15-$1.20 by year-end. That’s still below the historic average of $1.30.
“How far the euro has fallen as surprised many people.” said John Doyle, Monex’ director of markets, in an interview. “Overall, we think the U.S. dollar is going to continue to be very strong. Later this year, we may see the dollar retrace some of those gains.”
Meantime, the muscular greenback is making itself felt far and wide.
