Euro hits two-week high as ECB pushes back on imminent rate cuts

NEW YORK/LONDON (Reuters) – The euro hit a two-week high against the U.S. dollar on Thursday as the European Central Bank pushed back against imminent interest rate cuts, a day after the Federal Reserve indicated that it is done hiking rates and is likely to cut them in 2024. The greenback tumbled broadly, meanwhile, for a second day and reached a 4-1/2 month low against the Japanese yen. The ECB held rates steady, as was widely expected, but “was unable to “out-dove” yesterday’s pivot by the Fed,” said Samuel Zief, head of global FX strategy at JPMorgan Private Bank in London. “The ECB continues to signal that rate hikes are done but their updated economic projections show no reason to…