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Currency Buzz: EUR/USD Extends Slide Below 1.200 Mark

Currency Buzz: EUR/USD Extends Slide Below 1.200 Mark

January 28, 2022 3:07 IST | capital market

The European unit extended slide to its weakest level in more than a year on Friday as dollar continued to appreciate after a hawkish FOMC message. EUR/USD heads for the lowest daily close since June 2020. After a brief recovery, the pair dropped to 1.1130, hitting a fresh multi-month low. Surging US treasury yields drove the greenback sharply higher during the week after Fed Chairman Powell indicated a rate hike as soon as March. Equity markets in Europe were slightly down Friday, and were heading to their worst month since October 2020, due to the prospects of faster policy tightening by the US Federal Reserve and mounting geopolitical tensions in Ukraine.

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