EUR/USD recoups losses amid Fed Chair’s dovish remarks breaches 1.0800 – by christianborjon EURUSD Currencies Majors
EUR/USD bounces back from weekly lows, trading at 1.0818 following Jerome Powell’s comments about a potential pause in the Fed’s tightening cycle.
In the Eurozone, the Producer Price Index rises month-on-month, while ECB officials express concern over service inflation, advocating for higher rates.rebounds from its weekly lows after piercing the 100-day EMA, reclaiming the 1.0800 figure following US Federal Reserve Jerome Powell’s remarks, in which he opened the door for a pause on the Federal Reserve tightening cycle. In addition, a risk-on impulse dented an upbeat market sentiment, weighed in the US Dollar.
US equities are registering solid gains. Fed Chair Jerome Powell indicated that inflation currently exceeds the target level and stresses the Fed’s unwavering commitment to guide inflation back towards the 2% target, asserting that “failure would cause greater harm.”. Furthermore, Powell noted the strength of the banking system and suggested that tighter banking credit conditions may prevent a potential rise in rates.
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