The EUR/USD price jumped to the highest point in months after the latest interest rate decision by the Federal Reserve.
It rose to a high of 1.1065 ahead of the upcoming European Central Bank decision. It has soared by over 16% above the lowest point in 2022.The Federal Reserve concluded its monetary policy meeting on Wednesday and decided to hike interest rates by 0.25% as was widely expected. It lifted rates to the range of 5%-5.25%, the highest level in decades. This decision was unanimous. Analysts believe that the Fed decided to hike rates in the current market environment to avoid panic in the market.
The decision came at a difficult period for the American economy. Inflation remains sticky as the labor market strengthens. Data published on Wednesday by ADP showed that payrolls in the United States jumped to 296k in April after rising by 142k in March. Wages remained under pressure.Earlier this week, First Republic Bank became the second-biggest American bank to collapse and other regional bank stocks have all retreated.
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