NEW YORK: The euro hit a session high against the US dollar on Thursday, with gains accelerating after comments made by European Central Bank policymaker Lec Coene were deemed favoring the single currency.
Inflation risks in the euro zone have increased, price pressures are building and April's interest rate rise was "certainly not" a one-off, Coene said on Thursday.
The euro reached a session high of $1.4260, according to the EBS trading platform. It was last at $1.4242, up 0.3 percent on the day.
"We're seeing some short-covering in the euro when we got below $1.4150. There was also an ECB speaker talking about rate hikes. Any kind of hawkish ECB talk will give a push higher to the euro," said Brian Dolan, chief currency strategist, at Forex.com in Bedminster, New Jersey.
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