A week after the FOMC’s hawkish message sent the US dollar soaring, the ECB delivered an even bigger surprise at yesterday’s policy meeting by opening the door to policy rate hikes later this year. That resulted in the euro’s largest single-day gain against the dollar since March 2020. While the greenback has regained some ground today after the massive upside surprise (and upward revisions to December’s data) in US non-farm payrolls, most G10 currencies have appreciated against the dollar this week, with the euro and krona leading the way.
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