EUR/USD clings to mild losses near parity as ECB hawks, Fed’s Powell flex muscles – by anilpanchal7 EURUSD ECB Fed Recession RiskAppetite
Chair Jerome Powell’s speech. Also supporting the greenback could be the recent pause in the US Treasury yields, after reversing from the multi-day high, as well as hawkish Fed bets.
US Dollar Index pares the biggest daily loss in a month around 109.80 as the US 10-year Treasury yields pause Wednesday’s downside by taking rounds to 3.27%, after taking a U-turn from the highest levels since mid-June. On the other hand, S&P 500 Futures fade bounced off the lowest levels since July 19 as it seesaws around 3,980 by the press time.
It should be noted that covid fears emanating from China and the likely escalation in the Sino-American tussles also on the market sentiment and the EUR/USD prices. Recently, Reuters came out with the news stating that Taiwan President Tsai Ing-wen told a delegation of US lawmakers on Thursday that the island will continue to work with the United States to forge closer trade and economic ties.
On Wednesday, the market’s optimism spread by the firmer data from the major economies and Fed’s Beige Book, not to forget the mixed Fedspeak, seemed to have triggered the EUR/USD pair’s rebound from the multi-year low. Looking forward, EUR/USD traders may witness a volatile day wherein the 0.75% ECB rate hike can offer short-term recovery before the fresh downside, in a case where Fed’s Powell sounds hawkish. Overall, the pair is likely to remain on the bear’s radar as the European energy crisis is far from over and hence the ECB’s capacity to tighten
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