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The EUR/USD pair is tripping down ahead of the end of the week, end of the month and end of Q3. The US Fed officials continued with their “restrictive policy” stance, agreeing that further hikes are coming.
US Core PCE surpassed analysts’ expectations, paving the way for another 75 bps rate hike by the Fed’s coming policy meeting.
EU’s inflation jumped above the 10% threshold, and money market futures expect another 0.75% increase. The EUR/USD pair retraces from daily highs of around 0.9853 due to Fed officials expressing the necessity of higher rates for longer, as the US central bank battles elevated inflationary pressures above the 6% threshold, as shown by the Fed’s preferred gauge of inflation, on Friday.
At the time of writing, the EUR/USD is trading at 0.9794, below its opening price by 0.29%. Fed’s Vice-Chair Lael Brainard, expressed that the Fed needs to keep interest rates higher-for-longer, so the bank can attain its goal.
