Euro gains as ECB cuts rates
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The euro rose against the dollar on September 13, 2024, after ECB President Christine Lagarde indicated that future interest rate decisions will depend on economic data. The ECB cut its deposit rate by 25 basis points to 3.5% and the refinancing rate by 60 basis points to 3.65%. Rate futures adjusted expectations for an October rate cut from 10 bps to just over 7 bps. KPMG's Yael Selfin anticipates further easing in December, potentially lowering the deposit rate to 3.25%. The euro was up 0.3% at $1.1039 and 0.4% to 157.38 yen. The US dollar index fell 0.2% to 101.58, influenced by euro gains. US initial jobless claims rose to 230,000 for the week ending September 7, 2024, aligning with expectations. Economists predict a 25-bp cut by the Federal Reserve next week, with a 13% chance of a 50-bp cut this month.

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https://www.brecorder.com/news/40322179/euro-gains-as-ecb-cuts-rates