The euro rose to its highest levels against the dollar since the end of July, as signals that the Federal Reserve's focus on interest rate cuts continued to support the risky rally.
The single European currency jumped as much as 0.3% to $1,107, Wednesday, to be one of the biggest gainers among the “Group of Ten.” The euro has risen 3.4% this year, with most of the rise coming in the past few weeks since the Fed's last comments.
The dollar expanded its losses this month after the Federal Reserve gave the clearest signal yet that its aggressive campaign to raise interest rates had ended, and it expected a series of interest rate cuts in 2024.
It is noteworthy that US economic reports showed declining inflation and a slowdown in labor markets.
read more
Follow the latest news on Google News
