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EUR/USD Weakens as US Rate Hike Expectations Rise

Guavy AI Editorial Team
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The EUR/USD pair has weakened to around 1.1380 in early Asian trading hours on Thursday, as expectations of US interest rate hikes boost the strength of the US Dollar.

Fed Governor Michael Barr stated that 'further policy adjustments are likely to be needed' to control inflation, while Fed Presidents Tom Barkin and Susan Collins backed the recent interest rate increase due to ongoing inflationary pressures.

According to CME's FedWatch tool, markets now price in nearly a 69.7% chance of a quarter-point rate hike in October, up from 48.7% one week ago.

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