Market bets on the Fed cutting rates faster than the ECB, with the Euro nearing its high for the year
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Due to market expectations that the Federal Reserve will cut interest rates by more than the European Central Bank in the coming months, the euro rose slightly against the dollar to $1.1023, close to this year's high. Investors expect the U.S. to cut rates by 100 basis points in December, while the eurozone is expected to cut by 70 basis points. Franceso Pesole, a foreign exchange strategist at Rabobank, pointed out that the euro may enter a long-term uptrend, with a short-term target of rising to $1.12. Since early August, the euro has risen by about 2% against the dollar
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