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As forecasts of rate hikes rise, the euro strengthens against the dollar

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News Tech: The dollar fell to an almost two-week low on Wednesday as optimism over peace talks between Russia and Ukraine faded and investors turned to economic data and interest rate expectations. The Dollar Index, which measures the US dollar against a basket of six peer currencies, fell 0.57% to 97.861 at 2:20pm. EDT hit its lowest level since March 17th. Much of this weakness was due to the strength of the euro, which rallied on Tuesday after Russia pledged to scale back its attack on Kyiv during peace talks.

JP Morgan analysts wrote to clients Wednesday. The change in tone in peace talks between Russia and Ukraine “indicates that the conflict may move to a more localized stage, making some of the more extreme tail risk scenarios less likely.” there is,” he said. This recommended he buy EUR/USD. But the US warned that it had seen no “signs of true seriousness” from Russia.

Germany’s annual inflation hit its highest level in more than 40 years in March as prices of natural gas and petroleum products soared, according to preliminary data. Spain’s flash CPI data for March showed prices rising at the fastest rate since May 1985. But ECB President Christine Lagarde said food and energy prices should stop rising to avoid the combination of low growth and high inflation that economists fear.

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