Will the Yen and Euro Keep Getting Stronger?

The Euro has made a major comeback against the greenback thus far in 2016, but the bulk of the move is over, said Solita Marcelli, global head of fixed income, currencies and commodities at J.P. Morgan Private Bank. 'We are going to be seeing more of a range-bound trade than a big move either way,' said Marcelli, adding that the only way the Euro really takes off against the dollar is if the Federal Reserve abandons its hiking plans or 'the rest of the world outperforms U.S. growth.' The dollar started the year at $1.08 per Euro and has since climbed six percent to $1.15 per Euro. Marcelli expects the range to be between $1.10 and $1.18 per Euro. As for the strengthening Japanese Yen, up 11% in 2016 to 106 Yen per U.S. dollar, Marcelli said the Japanese currency will likely continue to make gains against the dollar, despite Prime Minister Shinzo Abe's best intentions.