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EUR/USD drops to six-month low near 1.0630 on Fed

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EUR/USD continues the losing streak for the third successive day, trading lower around 1.0640 during the Asian session on Thursday. As anticipated, th

unchanged at 5.5% during the meeting held on Wednesday.

While the monetary policy statement largely mirrored the previous decision, the sudden strengthening of the US Dollar was primarily attributed to the Federal Reserve officials' unexpected upward revision of their projected interest rates for 2024, increasing them from 4.6% to 5.1%. Elevated US Treasury yields helping the buck to rise. The yield on 10-year US note rose to 4.43% by the press time, the highest since 2007.reaffirmed the Fed's commitment to reaching its long-term inflation target of 2%.

 

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