Euro erases weekly decline as dollar weakens on Fed outlook
EUR/USD climbed Friday to around 1.1580, reversing the week's earlier losses as fading Fed rate-hike expectations pressured the US dollar.
The euro rallied on Friday, completely erasing the losses it posted earlier in the week. EUR/USD traded around 1.1580, close to its highest level since June.
The move came as the US dollar weakened broadly. Investors scaled back expectations for additional Federal Reserve rate hikes, and that fading tightening outlook put pressure on the greenback.
The euro benefited from the dollar's softness, extending its advance and leaving EUR/USD near multi-month highs at the time of writing. The Friday rebound returned the pair to the top of its recent range and reversed the week's earlier decline.
The pair's strength reflected shifting rate expectations, with the euro supported while the dollar lost ground.
Source: FXStreet Forex News