Euro Gains to a Three-Month High as Fed Outlook Overshadows ECB

The euro rose to a three-month high on conviction that the Federal Reserve’s ability to cut borrowing costs more quickly than the European Central Bank will hurt the dollar. The common currency advanced to the strongest level since March as the extra yield investors get from holding 10-year U.S. Treasuries rather than German bunds narrowed. Money markets are betting that the Fed will reduce its benchmark rate next month, sooner than the ECB that is expected to cut in September. The dollar has slumped against all Group-of-10 currencies in June, with the euro on course to snap a five-month decline even after ECB President Mario Draghi signaled additional monetary stimulus last week. Reserve Bank of Australia Governor Philip Lowe has expressed doubt how effective monetary easing will be “if everyone’s easing” and blunting the impact on exchange rates. Read More @ https://www.bloomberg.com//news/articles/2019-06-24/euro-gains-to-a-three-month-high-as-fed-outlook-overshadows-ecb?srnd=markets-vp

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