Euro Eyes Boost

 

The EUR/USD exchange rate fell 0.39 percent to $1.0734. The euro fell against the dollar on Tuesday, but it could recover as pressure mounts on the European Central Bank to take the most aggressive stance on rate hikes in its history as the fight against record inflation gets underway. 

Raising interest rates in 50-basis-point increments would be a first for the ECB. The central bank has not raised interest rates since 2011, and its benchmark rate has been negative since 2014. 

As indicated by Commerzbank, the euro “could possibly profit from higher expansion levels…as it has since become certain that the ECB…[is] able to act.” 

“”Now that it [the ECB] has signalled its willingness to act even more aggressively, 50bp rate steps do not appear to be impossible,” Commerzbank added, following data showing eurozone inflation hit a new high in May. 

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