The US dollar is strengthening against the euro today after one of the representatives of the US central bank (Fed) said that there is no reason to rush to cut interest rates in the United States. The single European currency fell to a five-week low of $1.0775 during the day, but later pared some of the losses. Shortly before 18:00 CET, it showed a decrease of about 0.2 percent and was hovering just above 1.0800 EUR/USD.
Fed Board member Christopher Waller said on Wednesday evening that disappointing data on inflation in the United States confirms that the Fed is doing the right thing by keeping interest rates at their current high levels for the time being.
Last week, the Fed was expected to keep its key interest rate in a range of 5.25 to 5.50 percent, the highest level in 22 years. However, he confirmed that this year he expects to reduce the base rate three times, by a total of 0.75 percentage points.
“Waller is one of the most important figures at the Fed, and his statements provided some impetus to the market, which has recently been moving in very narrow ranges,“said analyst Lee Hardman from MUFG, according to Reuters.
Investors are now awaiting new economic data that could give them a better idea of the future development of interest rates in the United States. On Friday, the US Department of Commerce will publish data on the February development of the price index for personal consumption expenditures in the United States. This index is the Fed’s preferred measure of inflation.
Development of the currency pair EUR/USD (1-hour chart – H1):
Source: Reuters, ČTK, MT4, MUFG
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