Euro backs off four-week high after Fed's bullish statements

2022-08-03 12:27:57 GMT (Economies.com)
Euro backs off four-week high after Fed's bullish statements

Euro declined in European trade for another session against dollar, moving off four-week highs on profit-taking. 

 

Renewed interest in the dollar bolstered its stance against euro, as US treasury yields surge following bullish remarks by some Fed officials. 

 

EUR/USD fell 0.2% to 1.0150, after losing 0.9% yesterday away from four-week highs at 1.0294.

 

Euro as boosted after a string of strong European inflation and growth data, which paved the way for another 0.5% interest rate hike at the ECB's next meeting. 

 

The Greenback

 

The dollar index rose 0.2% today for another session off four-week lows at 1.0505, after US 10-year treasury yields surged once more.

 

US Yields

 

US 10-year treasury yields rose 0.5% today for the second session off four-month lows at 2.516% following bullish remarks by Fed officials. 

 

Both Chicago and San Francisco Fed governors said they are committed to the track of hiking rates to levels that might limit economic growth.

 

Traders now see a 44% chance the Fed might hike rates by 75 basis points at the September meeting.

 
 
 
  Symbol Last Change Chg.%
1.0199
0.0002
0.0177%
1.2073
-0.0044
0.3623%
20.616
0.251
1.235%
90.053
1.575
1.780%
96.06
-0.58
0.60%
1785.210
3.535
0.198%
 
 
Live Forex Updates