The EUR/USD price moved sideways during the American and Asian sessions after a hawkish statement by Christine Lagarde.
It also consolidated as the market waited for the upcoming Federal Reserve interest rate decision. It was trading at 0.9963, which was lower than last Friday’s high of 1.0052.. In Europe, the European Central Bank has made two rate hikes this year. In a statement on Tuesday, Christine Lagarde hinted that the bank may need to hike to a level that restricts economic growth.
On Tuesday, Sweden’s Riksbank surprised the market when it made a historic 100 basis points as it continued to fight inflation. This is notable since Sweden is part of the European Union. The two-year bond yield, which is often a key indicator of short-term interest rates rose to 4% for the first time in more than 15 years. In the same period, the 10-year yield rose to 3.56% while the 30-year jumped to 3.57%.
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