EUR/USD popped on the Bloomberg headline that was taken as dovish in the markets when Fed’s Powell’s prepared comments came with, “remain alert to any financial stability risks”.

EUR/USD was trading at 1.2348 before making it to 1.2365 when the market has since drifted back to 1.2350 on a fade. Currently, EUR/USD is trading at 1.2352, down -0.03% on the day, having posted a daily high at 1.2360 and low at 1.2348.

Powell’s comments:

Fed is in process of ‘gradually normalizing’ rates
“Monetary policy has continued to support a full recovery in labor markets and a return to our inflation target; we have made great progress in moving much closer to those statutory objectives”
Global economy is recovering strongly
Fed will “preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible.”

 

The post Powell's swearing in ceremony lifts the euro before a fade appeared first on CIX Markets.