JPMorgan Private Bank macro investment strategist Patrick Ernst said the European Central Bank’s expected 25-basis-point rate hike is likely to have only a limited effect on the euro against the U.S. dollar. Ernst said the dollar may still remain the dominant force in the market. He also noted that if U.S. Consumer Price Index data comes in above expectations, the euro’s recent upward momentum against the dollar could weaken. U.S. August CPI data is scheduled for release on Friday. The comments were reported by ChainCatcher in a brief market update focused on macro developments affecting currency markets.
According to ChainCatcher, Patrick Ernst, a macro investment strategist at JPMorgan Private Bank, said the European Central Bank’s expected 25-basis-point rate hike would likely have limited impact on the euro against the U.S. dollar.
Ernst said the dollar may still dominate the market. He added that if U.S. CPI data comes in above expectations, the euro’s upward momentum against the dollar could be weakened. U.S. August CPI data is due on Friday.
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