The euro retreated against the US dollar on Monday to a five-week low to $0.99941 at 10:00 am CET, continuing in this way a downtrend that started days ago after the publication of the minutes of the Federal Open Market Committee (FOMC) meeting.
Market participants are reacting to the fact that Federal Reserve policymakers may continue to raise interest rates to cool inflation. Recently, Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther George noted the central bank would be raising interest rates until it is clearly evident that inflation is on the way down. Major European stocks also opened the day with losses.
After reaching its lowest level, the euro was trading 0.34% lower against the dollar at 10:05 am CET, selling for $1.00021.
