On Thursday (June 30), the EURUSD opened at 1.0440 and closed at 1.0442 yesterday. As of now, the highest has touched 1.0447 and the lowest has been 1.0435. Temporarily reported 1.0438, down 0.04%. The British pound was temporarily reported at 1.2139, an increase of 0.12%; the Canadian dollar was temporarily reported at 0.7750, a decrease of 0.01%.
The U.S. dollar index rose more than 0.6 percent to 105.1519 on Wednesday as investors bought U.S. assets for safety as global stocks fell on heightened recession risks. Still, the us dollar index remains below its 20-year high of 105.79 set two weeks ago.
The euro closed down 0.75% against the dollar on Wednesday at 1.0438. The European Central Bank is widely expected to follow its global peers in raising interest rates for the first time in a decade in July as soaring inflation cools, though economists are divided on how much to raise, making investors nervous.
In early Asian trading on June 30, the US dollar index fell slightly and is currently trading around 105.09. The dollar index rose on Wednesday and the euro fell after Federal Reserve Chairman Jerome Powell said the biggest risk to the U.S. economy was persistently high inflation, rather than a sharp slowdown in economic growth due to higher interest rates.
The dollar index rose more than 0.6 percent to 105.1519 on Wednesday as investors bought U.S. assets for safety as global stocks fell on heightened recession risks. Still, the U.S. dollar index remains below its 20-year high of 105.79 set two weeks ago.
The euro closed down 0.75% against the dollar on Wednesday at 1.0438. The European Central Bank is widely expected to follow its global peers in raising interest rates for the first time in a decade in July as soaring inflation cools, though economists are divided on how much to raise, making investors nervous.
Morgan Stanley: Euro zone economy headed for recession in Q4
â‘ Economists such as Morgan Stanley Jens Eisenschmidt said they now expect the euro zone to slip into a mild recession in the fourth quarter of this year due to reduced Russian energy supplies;
â‘¡Eisenschmidt believes that the euro area economy will contract for two quarters, and then resume growth in the second quarter of next year, driven by increased investment. The euro zone economy is forecast to slip into recession on the back of a possible reduction in Russian gas deliveries to Europe, a drop in consumer and business confidence indicators and persistently high inflation. Risks surrounding the outlook have intensified;
â‘¢ Despite the slowdown, Eisenschmidt said they still expect the ECB to raise the deposit rate to 0.75% at each meeting in December, given inflation so high. However, they also acknowledged that the central bank may stop raising interest rates after September if the economic outlook deteriorates