# EUR/USD, EUR/GBP rally strongly in wake of hawkish ECB while USD/JPY recovers | Levels to Watch | IG International

> EUR/USD rallied more than 150 pips after ECB President Lagarde declined to rule out a rate hike this year, while EUR/GBP reversed from long-term support following a BoE rate hike. Technical levels were highlighted for EUR/USD near $1.148 and above.

- Date: 2022-02-04 · published 2022-02-04T12:00:00.000Z
- Category: market · region Euro Zone · magnitude low
- Page: https://feedsoft.ai/events/9875-eur-usd-eur-gbp-rally-strongly-in-wake-of-hawkish-ecb-while-usd-jpy-recovers
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Currency moves driven by central bank policy shift relative values across major currencies, affecting dollar-denominated feed commodity prices and import costs for buyers outside the US.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2022-02-04 | 5 | +2.6% | 3.5 | EUR/USD rallied over 150 pips after Lagarde declined to rule out a hike, directly contributing to the weekly move. |

## Sources

- ig.com: https://www.ig.com/en/news-and-trade-ideas/eur-usd--eur-gbp-rally-strongly-in-wake-of-hawkish-ecb-while-usd-220204

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.