The EURUSD pair rebound to near the psychological resistance of 1.1000 in Friday’s New York session. The major currency pair bounced back as the US Dollar declined with investors gaining confidence that the Federal Reserve will start reducing interest rates from the September meeting. The DXY Dollar Index, which tracks the greenback’s value against six … Read more
The EURUSD pair is gaining ground due to positive market sentiment and dovish remarks from Federal Reserve Chairman Jerome Powell. Powell dismissed the likelihood of a further interest rate hike and mentioned that progress on inflation has stalled. Traders are awaiting US economic data releases, while the Eurozone may struggle due to a more dovish stance from the European Central Bank. Eurozone inflation held steady in April, with bets for a potential interest rate cut by the ECB in June.