EUR/USD Hovering Above 5-Year Low Ahead of Fed Decisions
- Date: 04-May-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Gulf
EUR/USD Hovering Above 5-Year Low Ahead of Fed Decisions
The Euro closed slightly higher on Tuesday, hovering just above a five-year low against the U.S. Dollar as traders positioned themselves ahead of Wednesday’s widely expected Federal Reserve rate hike.
The Fed has taken an increasingly aggressive approach to monetary policy as inflation rose at its fastest pace in 40 years, while the ECB has been more cautious. This has led to huge money flows into the U.S. Dollar.
On Tuesday, the EUR/USD settled at 1.0519, up 0.0011 or +0.10%. The Invesco CurrencyShares Euro Trust finished at $97.52, up $0.20 or +0.21%.
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