Euro Jumps on Hawkish Fed Tone Despite Rate Hike Fears

The Euro surged by over 0.85% during the North American session on Wednesday, despite the Federal Reserve's hawkish tone in its July meeting minutes.

According to the Fed's minutes, policymakers are worried about inflation and believe that policy tightening would be necessary if inflation does not decline.

The European Central Bank (ECB) is expected to increase rates by 25 basis points at its September 10 meeting, with a 88% chance of a rate hike priced in.