Euro rally on favor by central banks

Euro rally on favor by central banks

October 13, 2009 – 1300 GMT

As more central banks announced that they would shift their reserves to the Euro from the US dollar, the greenback fell yet again, sharply, against all major currencies after a rally last week on expectations of an early interest rate rise and tightening of monetary policy. The dollar index turned red as the Euro rallied making a fresh high of 1.48749. this comes on the heels of an ongoing bull phase for the Euro which started in February this year.

Could this mean a shift in power, with the benchmark currency crown being stolen from the US dollar by the Euro?