EUR experiences upward momentum. Overview for 22.02.2024

The primary currency pair experienced a significant increase on Thursday. The current EURUSD exchange rate stands at 1.0837.

Yesterday, the main focus was on the publication of the US Federal Reserve’s previous meeting minutes, which revealed that most monetary policymakers are concerned about the risks associated with rapidly lowering interest rates.

The current concern for the Federal Reserve is avoiding a hastily made decision that could result in adverse consequences. At the same time, the Fed is not hesitant to postpone such actions.

Policymakers seek additional evidence indicating a decrease in US inflation towards the 2% target. Progress, as the Federal Reserve believes, may face obstacles. Overall, the general outlook of the minutes suggests that borrowing costs will remain high for the near future.

This factor played against the US dollar and contributed to strengthening the EUR exchange rate.