JPMorgan Chase: The European Central Bank's interest rate hike has a limited impact on the euro

J.P. Morgan Private Bank macro investment strategist Patrick Ernst stated that the European Central Bank raised interest rates by 25 basis points as expected, which has a limited impact on the euro to dollar exchange rate.

Ernst pointed out that the dollar may still dominate the market. If the U.S. CPI data exceeds expectations, it could weaken the upward momentum of the euro against the dollar. The U.S. CPI data for August will be released on Friday.