EUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate hike. The greenback was lower across the board, falling versus several G7 currencies, including the British pound.
EUR/USD
On Thursday, the world’s most traded currency pair rose for a sixth straight session, as markets continued to digest yesterday’s rate hike.
The Federal Reserve opted to increase rates by 0.25%, despite recent uncertainty in the banking sector.
Following the announcement, Fed Chair Jerome Powell stated that “FOMC participants don’t see rate cuts this year, it is not our baseline expectations.”
Overall, it appears that lowering inflation remains the priority for the Fed, with the U.S. Treasury exploring ways to guarantee client deposits should any further banks face liquidity issues.
EUR/USD rose to an intraday high of $1.0929 in today’s session, which is its highest rate since February 3.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect EUR/USD to move lower in the coming days? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: https://news.bitcoin.com/eur-usd-hits-6-week-high-as-greenback-weakens-following-fed-hike/