Ua Pa'u le Tala Amerika i le Maualalo masina I le lotolotoi o le Fa'atasiga Euro e lagolagoina e Hawkish ECB

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The US Dollar Index (DXY) fell to its lowest point since April 26 in the London session on Tuesday, as the euro bolstered gains and Wall Street grabbed attention away from safe-haven assets. The DXY fell to the 101.74 low but currently trades at 101.96 at press time.

The euro emerged as the top gainer in the currencies market on Monday after European Central Bank (ECB)President Christine Lagarde stated that negative interest rates, which the eurozone has maintained for eight consecutive years, could be switched by the end of summer.

This hawkish comment from Lagarde snuffed gains from the USD and bolstered the euro, sending the EUR/USD pair to a one-month high of 1.0736 in the early European session today. Euro gains will likely continue over the days as traders close out some of their short bets following the hawkish ECB stance.

Commenting on the bullish turnaround for EUR, Commerzbank strategists noted:

“Many observers will continue to consider the ECB as being too hesitant, but the fact that a lift-off is now very likely to happen in July and that the ECB seems willing to hike rates further after that is positive for the euro.”

Earlier this month, the euro slumped to the 1.0348 low against the dollar, its lowest point in over five years. That said, today’s rally brings the single currency’s May rebound to 3.7%.

Other Top Currencies Lose Value Against the Dollar Despite Weakness

The risk-loving Aussie slipped by 0.41% against the USD in the London session on Tuesday to 0.7619, while the Kiwi dropped by 0.46% to 0.6423, only a day away from a widely-anticipated 50 basis points (bps) rate hike by the Reserve Bank of New Zealand.

Finally, the British pound shed most of the gains recorded on Friday before falling into a sideways pattern this week. Sterling fell to the 1.2475 low against the dollar earlier today.