Euro rebounds but eyes FOMC
MARKET NEWS
The euro edged higher against the dollar last week, but the prospect of further US interest rate cuts could see downside returning. Matthew Clements, economist at Prebon Yamane in London, examines the euro’s trading week
The euro gained unexpected support from the European Cenrtal Bank’s decision to leave the refinancing rate unchanged at 4.75% on Thursday, April 26. The currency rebounded by one big figure to above $0.90 as the market reassessed the validity of the bank’s current policy stance.
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