EUR/USD falls to 0.9800 as US dollar strengthens before PMIs.
As bulls for the US dollar recover confidence, the EUR/USD pair is looking south around 0.9800. Treasury yields continue to hold on to recent gains despite a hawkish forecast from the Fed, which Powell eyed. The collapse of an ascending triangle on the 1D time frame predicts more price drops for the EUR/USD.
As we go closer to the early morning hours in Europe, the EUR/USD exchange rate is falling near 0.9800. This comes as the US dollar is breaking out of its consolidative mode and moving upward.
As the dust settles over the Fed’s aftermath, investors are getting ready for a flood of preliminary PMI readings from economies around the Euro area as well as the United States in the hopes of gaining new trade momentum. Given that it will be Fed Chair Jerome Powell’s first public appearance since Wednesday’s decision to raise interest rates, the speech that will take place later in the North American session will also steal the show.
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