Traders bet Fed will cut rates faster than ECB

The euro rose to its highest level in a year, with traders more bullish on the single currency than since late 2020 ahead of the Jackson Hole symposium. The euro rose as high as 1.1143 on Wednesday, its highest level since July 2023. Markets expect Federal Reserve Chairman Jerome Powell to support their bets on rate cuts on Friday, with the Fed expected to cut rates faster than the European Central Bank in the coming months.