Euro-dollar hits highest since April
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Daily Forex Market Report 23-Jan-2023: Euro-dollar hits highest since April
Sterling (GBP) and the euro (EUR) both hit multi-month highs on Monday morning, while the US dollar (USD) faded towards lows last seen in early summer.
The pound touched set a new month’s high on Monday, up 0.14% to 1.2414, and at one point last night hitting 1.24469, the highest since last June.
Besting that, the euro is up 0.36% against the greenback, notching 1.09 for the first time since last April as the dollar continues to be sold on predictions of a less aggressive Federal Reserve.
Source: Tradingview
Analysts noted that the PMI data tomorrow could help the single currency break through the next level in coming session.
Giving EUR a leg up were weekend comments from European Central Bank board member Klaas Knot indicating that the central bank will raise interest rates by 50 basis points in February and March.
He said that more steps will follow in May and June.
EURGBP is up 0.33% at 0.8781, bouncing back from the month’s lows at the end of last week.
Elsewhere, the Japanese yen is giving up ground against a host of major currencies, with the Aussie dollar, euro and Swiss franc all up over 0.5%.
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