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The euro looked on track to end the week on a high after the US Federal Reserve's dovish statements following its policy meeting on Wednesday. The common currency traded at $1.3627 at 6:00 GMT.
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On Wednesday, the US Federal Reserve recommitted to maintaining accommodative policies for the time being, surprising some who thought that the risk of inflationary pressure would push the bank to raise its interest rate sooner than expected. Following the meeting investors sold off the greenback, leaving the door open for euro gains.
However, the US currency made a modest comeback on Friday morning after data out on Thursday confirmed that the region's economy was back on solid ground following a difficult first quarter. Initial jobless claims fell by 6,000 last week, leaving just 312,000 Americans filing for state benefits. The data helped ease concerns that the US labor market was not improving at the same rate as the rest of the economy.
In the eurozone, data has been patchy, but a statement from the International Monetary Fund on Thursday helped boost confidence in the region. Reuters reported that the IMF's Christine Lagarde said that the region's fiscal stance has found the correct balance between cutting down on debt while still supporting demand. She went on say that the European Central Bank's decision to ease further at its June meeting was a necessary one, and that the bank's willingness to do more if needed was comforting. While she noted that inflation remains the primary concern for the region, she pointed out that the bloc's struggling labor market was also a key factor. Lagarde noted that more growth would be needed in order to improve the region's sky high unemployment futures.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.