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Euro Higher Despite Market Worries of More Gradualist Fed

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The US central bank was expected to cut rates this month at the start of the year. Now the markets are sure it won’t.

This is always a showstopper of course, and this month’s call promises plenty of interest even though it’s all but impossible that interest rates will be going anywhere. This is quite some change from the start of this year. March was thought of as very possibly the month in which Chair Jerome Powell and his colleagues would fire the starting gun on an easing cycle by cutting rates at last.

ECB Policymaker Pablo Hernandez de Cos said in an interview published on Sunday that the bank could be in a position to cut rates in June, which is when the Fed is also thought most likely to start the process. Despite some near-term volatility, the Euro remains well within an overall uptrend from last October. Indeed, that won’t be threatened until the 1.074 region, well below the current market.

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