Euro starts recovering ahead of Christine Lagarde's testimony
2023-09-25 07:39AM UTC

Euro rose mildly in European trade against a basket of major rivals, trying to recoup from six-month lows amid active purchases from low levels.


Now investors await European Central Bank President Christine Lagarde's testimony ahead of Parliament later today, expected to offer clues about future interest rates in the euro zone. 




EUR/USD rose 0.1% to 1.0655, with a session-low at 1.0640, after losing 0.1% on Friday, the fourth loss in a row, away from a six-month low at 1.0615.


Euro lost 0.5% last week against dollar, the tenth weekly loss in a row, and the longest such streak of weekly losses in euro's history amid concerns about the widening US-Europe policy gap.


Interest Rate Gap



US-Europe interest rate gap has become 100 basis points, the lowest since May 2022, and is expected to rise once more to 125 basis points in November.


That's because the ECB is expected to maintain interest rates unchanged, after raising them at the September meeting and reaching a highly restrictive level of rates. 


However, the Federal Reserve is still expected to raise interest  rates by 25 basis points at the November meeting. 




European Central Bank President Christine Lagarde will speak ahead of the European Parliament in Brussels later today, and is expected to provide important clues for the path ahead in policies. 

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