EUR/USD continues its winning streak as recent inflation data raises the odds of the Fed’s rate cuts in 2024. US Core PCE inflation rose by 2.6% YoY in May, down from 2.8% in April. The Euro received support as Marine Le Pen’s National Rally confirmed its status as the country’s leading political force. Speculation that the US Federal Reserve might cut interest rates in 2024 is weighing on the US Dollar , supporting the EUR/USD pair.
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. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth.
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