Euro backs off six-month high on profit-taking

Economies.com
2022-12-06 08:15AM UTC

Euro fell in European trade for another session against dollar off six-month highs on profit-taking. 

 

Dollar was boosted after strong US services data for November, which boosted bets for a 0.75% rate hike next week. 

 

EUR/USD fell 0.15% to 1.0475, with a session-high at 1.0518, after closing down 0.5% yesterday, the first loss in four days on profit-taking off six-month highs at 1.0595. 

 

Euro rose 1.4% last week, the second weekly profit in a row against dollar as concerns about a widening policy gap between the US and Europe fade. 

 

The Dollar

 

The dollar index rose 0.3% on Tuesday for the second session off six-month lows at 104.11 against a basket of major rivals. 

 

Recent US data showed US services PMI rose unexpectedly last month, showing the services sector remains vibrant. 

 

Such data raised chances of a 0.75% rate hike by the Federal Reserve from 18% to 22% next week. 

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