29 Apr 2015
EUR/USD breaks above 1.1100 and accelerates higher
FXStreet (Córdoba) - The US dollar extended losses across the board and sent EUR/USD to fresh highs above 1.1100 ahead of the FOMC statement.
EUR/USD broke above 1.1100 and accelerated toward its highest level since March 4 at 1.1160. The pair has climbed more than 150 pips over the last hours as the dollar was hit by further signs the US economy is slowing. US GDP barely grew by 0.2% in the first quarter, due to bad weather, a major port dispute and a strong dollar weighing on exports.
The dollar is extending losses versus most competitors ahead of the Federal Reserve monetary policy statement. Even though June lift-off expectations have been fading in the wake of disappointing data, investors will be looking for clues to the timing of a Fed’s rate hike.
EUR/USD broke above 1.1100 and accelerated toward its highest level since March 4 at 1.1160. The pair has climbed more than 150 pips over the last hours as the dollar was hit by further signs the US economy is slowing. US GDP barely grew by 0.2% in the first quarter, due to bad weather, a major port dispute and a strong dollar weighing on exports.
The dollar is extending losses versus most competitors ahead of the Federal Reserve monetary policy statement. Even though June lift-off expectations have been fading in the wake of disappointing data, investors will be looking for clues to the timing of a Fed’s rate hike.