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Euro Depreciated despite Hawkish European Central Bank Statement

Ricky Cove
Euro Depreciated despite Hawkish European Central Bank Statement

The euro-dollar (FXE) exchange rate closed the week ending April 27 at 1.2131, depreciating 1.28% against the US dollar (UUP). This depreciation of the European currency was surprising to a few market participants, as there was no major disappointment in economic data or the ECB guidance. The European central bank or ECB left policy rates unchanged but was upbeat about the economic progress in the euro area.