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🔵EURO GAINS GROUND DESPITE POWELL

🔵EURO GAINS GROUND DESPITE POWELL

Day: 10 | Time: 14:21:23 The euro regained some lost ground against the US dollar in Asia and Europe on Wednesday, as investors assessed Federal Reserve Chairman Jerome Powell's testimony to the US Congress. Powell reiterated that further data is needed to confirm an interest rate cut this year, but markets still expect a rate reduction by September. The EUR/USD exchange rate is likely to have limited volatility until Thursday's US inflation data. The exchange rate is still within a trading range between 1.0850 and 1.06488 and remains close to the 200-day moving average.

EUR/USD Technical Analysis

Source: Yahoo, Bloomberg , Reuters, Trading Economics,