Euro resumes gains as dollar heaps pressure
2023-09-29 10:15AM UTC

Euro rose on Friday against a basket of major rivals amid mounting pressures on the US dollar before major inflationary data. 


EUR/USD fell to 1.0575 on Wednesday, the lowest since March, amid expectations the ECB won't likely raise interest rates again this year. 


Conversely, the Federal Reserve is tipped to raise interest rates once more this year, while waiting to assess new inflation data to guide the policy ahead. 


Chicago Fed President Austin Golsbey said that if inflation hanged stubbornly above 2%, it'll represent a graver danger than the Federal Reserve's policy tightening. 



Otherwise, European Central Bank President said recently that higher ECB interest rates will help cut inflation towards 2%, however she asserted the ECB doesn't promise interest rates won't change again next year. 


Markets are putting a particular focus on the housing sectors in Australia, Canada and New Zealand, which are highly reactive to changing interest rates.


Investors also look forward to fresh US consumer spending data in the US, crucial for gauging inflation. 


On trading, EUR/USD rose 0.4% as of 11:13 GMT to 1.0615. 

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