Euro hits 3-month low after Lagarde

The euro declined to its lowest level in three months near $1.135, following statements from European Central Bank President Christine Lagarde, which confirmed an increase in inflation forecasts for 2027 and 2028 due to rising energy prices. Expectations also persist for a roughly 100 basis point interest rate hike by the end of 2027. Lagarde indicated that the surge in energy costs has not yet impacted wages and that a prudent monetary policy remains appropriate for controlling inflation. Meanwhile, investors are awaiting upcoming inflation data to strengthen their expectations. The US dollar index rose as Treasury yields increased, with expectations continuing for a US interest rate hike. Additionally, tensions in negotiations over the Strait of Hormuz led to higher oil prices and increased demand for the dollar as a safe haven.

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