Euro Gains as US Yields and Oil Prices Retreat
The Euro is strengthening against the US Dollar as US Treasury yields and oil prices retreat. The EUR/USD pair is trading at around 1.1480 during the early Asian session on Friday.
Federal Reserve Governor Michelle Bowman's speech later in the day may have some impact on the market, but for now, the Greenback is vulnerable to disappointment. US Treasury yields fell eight basis points to 4.94%, while oil prices dropped from their highest levels since mid-May.
The European Central Bank (ECB) raised its key deposit rate by 25 basis points to 2.50% in a move widely expected by investors. ECB President Christine Lagarde warned that the Middle East conflict and Russia's war on Ukraine will keep headline inflation 'well above target' for an extended period.