The EUR/USD pair tilted upwards as the Federal Reserve testified before Congress.
Enter your emailThere is a likelihood that the pair will have a pullback in the next few days.Timeline: 1-3 days.tilted upwards as the Federal Reserve testified before Congress.
In his statement, Powell said that the Fed will continue hiking interest rates until there is evidence that inflation was falling towards its 2% target. At the same time, he lamented that the labor market was extremely hot and that tightening could lead to a recession. Still, there are some positives. The price of crude oil has slumped from $124 to less than $110. Natural gas prices have also retreated while the price of some food products have continued falling. Therefore, there is a likelihood that inflation has reached its peak.
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