The euro is encroaching on the dollar’s territory as the world’s currency of global borrowing, but that doesn’t mean anyone wants to keep hold of it, Report informs citing Yahoo Finance.
“No one wants to hold euro cash as an asset anymore but everyone wants it as a liability,” George Saravelos, Deutsche Bank AG’s global head of currency research, wrote in a note. As a result, the euro zone “is emerging as the new global provider of liquidity to the international financial system, slowly replacing the dollar,” he said.