EUR/USD rallies to 1.1800 as Dollar slumps ahead of Powell
EUR/USD rallies as the Greenback gets hammered, hovers around 1.1800 up 0.47% in the day as market players wait for clues of further easing by the Federal Reserve, as a flurry of officials would cross the wires during the week.
On Monday, Fed policymakers crossed the wires. Atlanta’s Fed President Raphael Bostic, St. Louis Fed Alberto Musalem, Richmond Fed Thomas Barkin, Cleveland Fed Beth Hammack and Fed Governor Stephen Miran delivered remarks, ahead of Chair Jerome Powell speech on Tuesday.
On the hawkish side lie Bostic, Musalem and Hammack, while Barkin tilted neutral. On the dovish front lies Miran, who amongst the comments he made, was that he sees the fed funds rate neutral rate at 2%.
The Euro is boosted by overall Dollar weakness as depicted by the US Dollar Index (DXY). The DXY which tracks the American currency value against other six currencies, falls 0.34% at 97.31.
Across the pond, the Bundesbank President and European Central Bank (ECB) member Joachim Nagel said that the current valuation of the Euro, does not worry him. Aside from this, focus in both sides of the Atlantic would lie on the release of Flash PMIs, revealed by S&P Global in the US and by the HCOB in Europe.
Source : Fxstreet.com
