The EUR/USD exchange rate continued its uptrend after the Federal Reserve and the European Central Bank (ECB) diverged on interest rates.
ECB and Fed divergence
ECB officials feel vindicated about the rate hike since European banks have withstood the turmoil in the banking sector. There will be no major economic data from the US and the United States on Thursday. Therefore, the pair's performance will reflect the actions of the Fed. This explains why the US dollar index has pulled back to $101.7 and stock futures are in the green. Futures tied to the Dow Jones have jumped by 150 points while bond yields have slipped. The 10-year and 2-year bond yields have dropped to 3.45% and 3.63%, respectively.
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