Euro rises vs dollar after ECB hikes faster than flagged

Published by
Reuters UK

By Saqib Iqbal Ahmed NEW YORK (Reuters) – The euro jumped against the U.S. dollar before paring gains in a choppy session on Thursday, after the European Central Bank (ECB) delivered a 50 basis point rate hike to tame inflation in its first rate increase since 2011. The ECB raised its benchmark deposit rate to 0%, breaking its own guidance for a 25 basis point move as it joined global peers in jacking up borrowing costs. “In firing this resounding opening salvo, the ECB demonstrated flexibility and a willingness to move beyond its own forward guidance, suggesting that monetary policy hawks hav…

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