EUR/USD broadly consolidates near 1.0470 in Friday’s European session, staying under bearish pressure after comments from European Central Bank (ECB) President Christine Lagarde on Thursday indicated that more interest rate cuts are in the pipeline, a scenario that has dampened the Euro’s (EUR) outlook.
EUR/USD slips to near 1.0450 after the ECB ’s dovish monetary policy decision and a firmer US Dollar. The ECB reduced its key borrowing rates by 25 basis points on Thursday, but a few officials also discussed the possibility of a 50-bps cut. Fed officials are expected to deliver slightly hawkish remarks on interest rate guidance on Wednesday. EUR/USD broadly consolidates near 1.
Daily digest market movers: EUR/USD is weighed down by outperforming US Dollar EUR/USD is also beaten by firm US Dollar , which has extended its winning spell for the sixth trading day. The US Dollar Index , which tracks the Greenback’s value against six major currencies, climbs above 107.00. The Greenback gains on expectations that the Federal Reserve could deliver a slightly hawkish interest rate guidance after cutting its key borrowing rates by 25 basis points to 4.25%-4.
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