Euro higher as ECB officials affirm rate hike plans, new tool

LONDON, June 21 — The euro rose today, drawing support from the European Central Bank’s plans to raise interest rates to contain inflation, while the yen retested a 24-year low as the Bank of Japan’s ultra-loose monetary policy stance continued to weigh.

“The pledge to deal with fragmentation makes it easier for the ECB to raise rates because they can do so while keeping a particular eye on one or two troubled markets,” said Marshall Gittler, Head of Investment Research at BDSwiss. “The next big dollar input will be when Fed Chair Jerome Powell delivers his semi-annual monetary policy testimony to the Senate — which judging from the latest FOMC meeting should be pretty hawkish and means that any dollar downside today is likely to be limited,” ING analysts said in a note.

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