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EUR/USD today: the euro is growing on the weakness of the US dollar
On Wednesday, the EUR/USD pair received significant a support from the comments of the US Federal Reserve Chairman Powell. Powell triggered a general decline in the US dollar across the market, increasing the likelihood that the Fed would cut interest rates in the future. As a result, this pair broke down the downtrend and updated the high at the level of 1.1260, completely breaking the expectation into declines.
Events for today:
- 14:30 – the ECB monetary policy meeting minutes onwill be published.
- 15:30 – the US inflation report will be released: core consumer price index (CPI) (m/m) (June), core consumer price index (CPI) (y/y) (June), consumer price index (CPI) (m/m) (June) and the initial jobless claims.
- 17:00 – the speech of the Fed Chairman Mr. Powell will take place.
- 18:10 – FOMC member Williams will speak.
- 19:15 – the presentation of Bostic, a member of the FOMC.
- 20:30 – FOMC member Quorls speaks.
- 21:00 – the report on the execution of the US federal budget (June) will be announced.
Today is a day full of inflation data in the United States and speeches by representatives of the US Federal Reserve System, which will maintain high volatility for the American dollar.
The EUR/USD pair maintains an upward trend, limited to overbought after the dollar collapse on the comments. Significant support levels: 1.1260 and 1.1240, resistance: 1.1300 and 1.1330. At the publication of upcoming data on the United States may increase volatility.
Read also: “Stock Indices : Asia-Pacific Region”
Hanzenko Anton
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