The EUR/USD exchange rate jumped sharply last week after the European Central Bank (ECB) and the Federal Reserve offered diverging decisions.
The pair jumped to a high of 1.0962, the highest point since May 23rd. It has soared by almost 3% from the lowest point this month.The EUR/USD pair rose after the important US consumer price index data and the latest Federal Reserve decision. Data by the Bureau of Labor Statistics showed that the country’s inflation dropped to 4.0%, the lowest point since 2021. Core inflation fell slightly to 5.3%.. In it, the bank decided to leave interest rates unchanged between 5.0% and 5.25%.
Unlike the Fed, the ECB decided to hike rates by 0.25%. It pushed rates to 3.5%, the highest level since 2001, and hinted that inflation will rise at a faster pace than expected. The EUR/USD pair will have a muted performance on Monday since US markets will be closed for the Juneteenth holiday. There will also be no major economic data from the US and the euro area. Looking ahead, the key data to watch this week will be US building permits, housing starts, and existing home sales.
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