The euro rose 0.4% against the dollar to 1.0575 as ECB President Lagarde set a timetable for the first rate hike in a decade.
In her speech, Lagarde stated that the net purchases through the assets purchase program will probably be completed in the third quarter of 2022.
The first rate hike will come sometime after that end, he said. “We have not yet set exactly when, but I was very clear that this could mean a period of just a few weeks,” she said in a speech in Ljubljana, advocating a “gradual” normalization of monetary policy after the initial increase.
The euro has lost 7% of its value against the dollar since the beginning of the year due to the view that the Federal Reserve will be more aggressive with rising interest rates, while Europe’s economy is partly limited by the effects of the euro. Russia war in Ukraine.
Source: Capital
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