JPMorgan is predicting that the euro will fall to parity with the US dollar by the end of this year, as the war in the Middle East threatens to push up the price of Europe’s imported energy and higher borrowing costs weigh on eurozone growth.
The call puts Wall Street’s biggest bank at the forefront of a growing group of lenders predicting that the common currency’s steady decline since the summer has further to run.
The euro, which is at present trading at $1.0530, has already fallen about 6 per cent against the greenback since its peak in mid-July, as the unexpected strength of the US economy has pushed the dollar higher while the eurozone braces itself for a downturn.
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