Gold prices edge higher on raised Fed rate cut hopes
Investing.com -- The euro has continued its weakening trend against the dollar, showing minimal response after the European Central Bank (ECB) enacted a widely-anticipated interest rate cut of 25 basis points.
The ECB confirmed that it plans to maintain a data-dependent and meeting-by-meeting approach to future policy decisions.
Policymakers seem to be avoiding any major disruptions this time and are likely to continue with this approach in the future, favoring a predictable pattern of 25 basis point cuts at each of the upcoming meetings, according to a note from Pepperstone strategist Michael Brown.
On the day of the announcement, the euro dropped 0.1% to $1.0408, a slight decrease from its previous value of $1.0406 prior to the decision.
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