Currency Buzz: Euro Holds Near $1.06; ECB Committed To Hike Rates

28 Jun 2022 , 04:13 PM

The euro holds near $1.06 after ECB Lagarde stated that it continues to stay committed to hike rates dependent on inflation data. If inflation outlook does not improve, we will have sufficient information to move faster, the central bank said. ECB said it intends to raise rates by 25 bps in July, the first time in 11 years and there is an optionality to raise by more in September. Beyond September, a ?gradual but sustained? path of further rate increases will be appropriate. The single common currency firmed above a 5-year low under $1.04 hit early this month and is currently quoting at $1.0583. The dollar index, that measures the greenback against a basket of currencies is quoting at 103.72. Powered by Commodity Insights