Global challenge for dollar’s crown has euro set for gains

'The euro can compete with the dollar for being the western currency of choice for trade purposes.' Picture: Jim Dyson/Getty

Europe’s resurgent common currency is looking powerful enough to fuel talk of it rivalling the dollar’s supremacy.

The common currency has rallied about 12% since virus turmoil shook markets in March, buoyed by the European Union’s policy response to the crisis and as the Federal Reserve looks set to keep rock-bottom interest rates that are weakening the dollar.