The Euro extends its losses against the US Dollar, with the major diving below the 1.0800 figure, following dovish comments by European Central Bank (ECB) policymaker Francois Villeroy.
EUR/USD faces downward pressure after ECB’s Villeroy highlights the necessity of rate cuts to achieve inflation targets. Strong US economic performance, highlighted by revised GDP growth and sustained labor market tightness, supports the Dollar. Market anticipation grows for the upcoming US Core PCE price index, with potential implications for Fed's monetary policy. The Euro extends its losses against the US Dollar, with the major diving below the 1.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy.
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