The euro fell to $1.01, its lowest level since July 6, as investors believed that the European Central Bank's tightening cycle was coming to an end. The European Central Bank hiked interest rates for the ninth time in a row, sending borrowing prices to multi-year highs, and deleted a reference to rates needing to be "brought" to a restrictive level. Furthermore, during the September meeting, when new inflation predictions would be issued, President Lagarde hinted at a possible delay in rate rises. Meanwhile, investors have absorbed significant GDP and CPI statistics from throughout Europe, with Spain and France rising at a steady clip during the second quarter and the German economy stalling. Furthermore, German and French inflation rates dropped in July, while Spain's rate unexpectedly jumped. In other news, the Fed raised rates by 25 basis points, and markets were absorbing Powell's statements on the economy's "soft landing" as the central bank no longer predicts a recession.