EUR/USD managed to regain further upside impulse and extended its bullish momentum to the vicinity of the 1.1190 region, or three-week highs, on Wednesday.
EUR/USD climbed further and clinched three-week highs near 1.1190. The US Dollar accelerated its decline following the Fed ’s rate decision. The Fed eral Reserve lowered its interest rates, as widely expected. The extra advance in spot came in response to heightened weakness in the US Dollar , especially following the Fed eral Reserve’s decision of lowering its interest rates by 50 bps. On the latter, the US Dollar Index tumbled to new lows near 100.
That said, Bundesbank President Joachim Nagel indicated on Wednesday that eurozone inflation has not yet been reduced to a level acceptable to the central bank, and hence interest rates must remain high enough to manage price pressures. While Nagel did not rule out possible action in December, unlike several of his colleagues, he noted that considerable obstacles remained.
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