Following calls for parity against the dollar just a few months ago, the single currency is now one of the few assets in the world rallying.
Global stocks had their worst week of the year last week and the only assets to perform well were the traditional "flight to safety" assets, such as the Swiss franc, U.S. Treasurys and gold.
However, the euro has proved the surprise outperformer, appreciating 4.5 percent against the U.S. dollar in the last two weeks. It continued to gain on Monday, rallying 1.8 percent against the greenback to top $1.159 by the time European stock markets closed.
Read more: Is the euro the new safe haven?
Global stocks had their worst week of the year last week and the only assets to perform well were the traditional "flight to safety" assets, such as the Swiss franc, U.S. Treasurys and gold.
However, the euro has proved the surprise outperformer, appreciating 4.5 percent against the U.S. dollar in the last two weeks. It continued to gain on Monday, rallying 1.8 percent against the greenback to top $1.159 by the time European stock markets closed.
Read more: Is the euro the new safe haven?
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