Dollar rally fades amid hawkish comments from ECB member
The dollar's rally ran out of steam Wednesday and the euro bounced back from a six-month low amid comments from European Central Bank member suggesting ECB rate cuts are not imminent.Chris Lafakis at Economy.com said comments by European monetary policymaker Axel Weber "are pressuring the dollar" by going against the market logic that rate cuts are coming in Europe to fire up lagging economic growth. "Weber sees no need for the European Central Bank to lower interest rates any time soon and said the ECB should consider raising interest rates when the European economy strengthens toward the end of this year," the analyst said.
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