USD remains steady near 7 week highs
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Daily Currency Update
The US Dollar is maintaining its stability, currently hovering near its seven-week high. The market is anxiously waiting for comments from the Federal Reserve Chair, Jerome Powell, regarding the current state of the US economy, as well as the Federal Reserve's stance on potential interest rate adjustments. This is especially important given recent economic data.Despite the Federal Open Market Committee (FOMC) pausing and subsequently halting its monetary policy tightening last year, inflation has been consistently declining. However, the rate of decline has slowed down significantly, while the sectors of the economy that are of prime concern to the Federal Reserve have continued to experience strong growth rates.
Key Movers
Martin Holzmann has recently made a noteworthy statement. He initially suggested that the European Central Bank (ECB) might implement only one rate cut this year. However, his stance seems to have changed yesterday. He now believes that the ECB is ready to reduce rates before the Federal Reserve (Fed) does so. He cites the disparate economic trajectories of the two regions.Expected Ranges
- GBP/USD: 1.2535 - 1.2595 ▼
- GBP/EUR: 1.1645 - 1.1695 ▼
- EUR/USD: 1.0725 - 1.0785 ▼