EUR/USD snaps losing streak amid Fed Powell’s testimony, broad USD weakness – by christianborjon EURUSD Currencies Majors
weakness. At the time of writing, the EUR/USD exchanges hands at 1.0961 after bouncing from 1.0905 lows.are trading with losses amidst Powell’s testimony. The Fed Chair reiterated the Fed would continue to tighten monetary policy but stressed the central bank would make its decisions meeting-by-meeting based on incoming data.
The Federal Reserve kept rates unchanged on June 14 while upward revising the Federal Funds Rate peak at 5.6%. Even though it strengthened the greenback, Powell’s press conference struck a balanced tone,at a hearing at the Capitol. He said that “it may make sense to move rates higher, at a moderate pace,” and emphasized the speed and level of rates “are separate.
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