(Bloomberg) — The euro rose to the highest level in one year ahead of the Federal Reserve’s Jackson Hole economic symposium, with traders becoming the most bullish on the currency since late 2020.
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The euro gained as much as 0.1% on Wednesday to 1.1143, its strongest level since July 2023.
It comes amid expectations that Fed Chair Jerome Powell on Friday will support bets that the central bank will cut interest rates by more than the European Central Bank in the coming months.
The European common currency is up 2.9% this month on a softer dollar as traders ramp up bets on Fed rate cuts.
–With assistance from Anya Andrianova and George Lei.
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