Source: the financial world
The euro fell to its lowest level against the US dollar in more than 15 months due to market speculation that the European Central Bank will lag behind the Fed in tightening monetary policy.
The euro fell 0.4% against the US dollar to 1.1514 US dollars, the lowest level since July 2020. The latest US non-agricultural employment report is stronger than expected, which may further strengthen traders’ expectations of the Fed’s tightening.
In contrast, European Central Bank President Lagarde played down the market’s expectations for interest rate hikes in 2022 earlier this week, emphasizing that the central bank will maintain loose monetary policy in the course of the euro zone’s economic recovery.
“The asynchronous adjustment of U.S. and European policies is expected to continue to put downward pressure on the euro,” said Lee Hardman, a strategist at Mitsubishi UFJ Financial Group.
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