EUR/USD rallied into its second-best day of August, climbing seven-tenths of one percent as the US Dollar tumbles across the board.
EUR/USD tipped into 1.1300 for the first time in over a year on Friday. Fed policymakers open the door to rate cuts during Jackson Hole. Coming up next week: key EU and US inflation prints. Market risk appetite is pinned into the ceiling after Fed eral Reserve officials broadly tipped their hand to investors, signalling that the US central bank is finally ready to start cutting interest rates.
It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. 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 .
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