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9 Feb 2022

Euro Surges as Investors Anticipate Potential ECB Rate Hike

The Index Today

The euro climbed on Wednesday despite falling from Friday’s three-week high as traders look to the European Central Bank (ECB) for possible interest rate hikes after it adopted a hawkish stance at its policy meeting last week.

The dollar remains steady ahead of the U.S. Consumer Price report that will be released on Thursday.
Investors have been altering rate hike predictions ever since the ECB took a surprisingly hawkish stance at their policy meeting last Thursday with President Christine Lagarde hinting at potential monetary tightening for the foreseeable future.

Marco Valli and Luca Cazzulani of Unicredit said, "We are revising our ECB key rate forecast to reflect last week’s hawkish shift by ECB President Christine Lagarde." They contend that the ECB could possibly increase interest rates by 25 basis points during the last quarter of 2022, with another hike poised for early 2023.

Markets are gearing up for a possible 10bps ECB rate increase in June, and a 50bps hike by December of this year.

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