The EUR/USD exchange rate continued falling as concerns about the American economy continued. The pair dropped to a low of 1.0928 on Tuesday as US stock indices like Dow Jones and Nasdaq 100 indices dropped by more than 1%. Safe-haven demand The EUR/USD pair retreated as the US dollar index (DXY) jumped on Tuesday. This happened as concerns about the US banking sector continued. Moody’s, one of the biggest credit rating agencies, downgraded some of the biggest regional banks.
The pair dropped to a low of 1.0928 on Tuesday as US stock indices like Dow Jones and Nasdaq 100 indices dropped by more than 1%.The EUR/USD pair retreated as the US dollar index jumped on Tuesday. This happened as concerns about the US banking sector continued. Moody’s, one of the biggest credit rating agencies, downgraded some of the biggest regional banks. It also placed banks like State Street and Northern Trust on watch for a downgrade.
The EUR/USD exchange rate also retreated after mixed messaging by Fed officials. In statements on Saturday and Monday, Michele Bowman insisted that the bank needed to implement more rate hikes even as inflation remained at an elevated level. “Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.”
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