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The euro hovered around the $1.19 mark, poised for a modest 0.4% weekly gain against the US dollar and holding near the four-year high above $1.20 reached in late January. The single currency has been bolstered by signs that the ECB remains largely unconcerned about its recent appreciation, as well as by mixed economic data from the US. ECB President Christine Lagarde stated last week that the euro area’s inflation outlook is in a “good place,” while cautioning against overreacting to short-term or volatile data. Additional support for the euro came from reports that Bank of France Governor François Villeroy de Galhau, widely seen as a dovish policymaker, will step down in June, well before his term is due to end in October 2027.
In the US, inflation slowed more than expected to 2.4% in January, while the economy added 130,000 jobs, exceeding forecasts. The combination of easing price pressures and solid job growth suggests the Federal Reserve may have scope to cut interest rates.
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