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Faber Says Dollar May Rise 5-10% Against Euro as Bearish Sentiment Recedes

by on December 28, 2009

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Marc Faber Says Dollar May Rise Another 5%-10% Versus Euro in `Near Term’

by on December 28, 2009

By Deirdre Bolton and Ye Xie Dec. 28 (Bloomberg) — The dollar may appreciate 5 to 10 percent against the euro in the “near term,” according to Marc Faber , publisher of the “ Gloom Boom & Doom ” newsletter. U.S. equities and the dollar may keep rallying together, reversing a relationship that existed from March to November, Faber said in an interview on Bloomberg Television. “Sentiment on the U.S. dollar was really extremely negative over the last three months,” Hong Kong-based Faber said. “The other currencies are not much better. The dollar will appreciate against the euro by another 5 to 10 percent, and later on we’ll have to see, but that would be a near-term target.” The dollar has gained 4.2 percent to $1.4405 per euro this month, and was poised to end a five-month losing streak, on signs the U.S. economic recovery is gaining momentum. Investors need to be “very careful” holding U.S. Treasuries and cash, and U.S. stocks will rally as Federal Reserve Chairman Ben S. Bernanke and his colleagues may have to print more money to help the government finance its debts, said Faber. The Standard & Poor’s 500 Index “could go up 200 percent if it prints enough,” Faber said. “The worst investment, in the long run, will be U.S. Treasuries, and cash which has no return at present. This is the one reason that I am moderately positive about equities is that this money goes into leverage plays.” To contact the reporters on this story: Deirdre Bolton in New York at dbolton@bloomberg.net ; Ye Xie in New York at yxie6@bloomberg.net

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Marc Faber Says Dollar May Rise Another 5%-10% Versus Euro in `Near Term’

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