EUR/USD falls sharply, driven by increased demand for the Dollar following Trump’s hawkish cabinet appointments.
US Dollar Index reaches a six-month high of 106.15, boosted by risk aversion in equity markets.
Upcoming US inflation data eyed; potential reacceleration of inflation could influence Fed’s policy direction.
The Euro plummets sharply against Greenback, cracks below the 1.0600 figure for the first time since November 2023, refreshes new yearly lows at 1.0594. At the time of writing, the EUR/USD trades at 1.0598.
EUR/USD dips below 1.0600, hitting 1.0594 as traders flock to the safety of the US Dollar
Risk aversion keeps US equities pressured, while investors seeking safety, ditch the shared currency, and bought the US Dollar. The US Dollar Index (DXY) which tracks the performance of the buck against six peers, climbs to a six-month high of 106.15 up by over 0.60%.
US President Elect Donald Trump appointed Mike Waltz as National Security Advisor and Marco Rubio as Secretary of State, who are known to have a tough stance on China. This increased fears amongst traders, as tariffs looming, could spark a reacceleration of inflation as the Federal Reserve, embarked to ease monetary policy.
Traders are also eyeing the release of US inflation data on November 13. Estimates suggest that headline and core inflation is expected to remain halt its disinflation process, due in part to the robustness of the US economy.
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