Euro gains as market eyes ECB and Fed rate decisions
The market mood was mixed, while the macroeconomic outlook involving the Eurozone (EU) bloc and the United States stood pat. The European Central Bank (ECB) and the Federal Reserve (Fed) are expected to slash borrowing costs in June, which could weaken the Euro and the Greenback.
During the session, US Treasury bond yields capped the EUR/USD advance, as the 10-year benchmark note rate edged up almost four basis points to 4.19%. The FedWatch Tool suggests the probability of 25 basis points has been lowered from around 72% to 65%.
ECB policymaker Villeroy suggested a potential rate cut in spring hinge, adding that the Government Council would monitor inflation until it reached 2%. His colleague Kazaks echoed some of his comments, adding that a decision to cut rates will be made at upcoming meetings.
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