EUR/USD gains ground as US Dollar struggles due to escalated speculation of Fed rate cuts in 2024. The US ISM Services PMI dropped to 48.8 in June, marking its steepest decline since April 2020. The Euro may experience volatility as the second round of the French election approaches this Sunday. This upside is attributed to a decline in the US Dollar due to the escalated speculations of the Federal Reserve reducing interest rates in 2024.
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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Source: DailyFX - 🏆 305. / 63 Read more »
Source: DailyFX - 🏆 305. / 63 Read more »