1100 GMT - The euro falls to a five-week low against the dollar as short-term interest rate differentials shift against the exchange rate, ING's Francesco Pesole says in a note. Elevated oil prices due to the Iran war and higher-than-expected U.S. prices data this week have prompted markets to bet on the Federal Reserve pivoting towards interest rate rises. The euro-dollar two-year swap rate gap has widened and is now close to levels seen before the Iran war, Pesole says. This removes a key driver of the euro's resilience versus the dollar during the conflict, he says. The euro falls to as low as $1.1617. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
May 15, 2026 07:00 ET (11:00 GMT)
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