cf. [EUR] Economy news and Forex 2019 0514
Federal Reserve Chair Jerome Powell suggested the possible Federal Funds Rate cut in the month in Congressional testimony on Wednesday. News media reported Fed Chair Powell spoke 'Uncertainty' twenty-six times while his testimony and worried recession.
His speaking affected U.S. market and S&P 500 hit 3000 for the first time in the market and led dollar down.
Market participants got a hint of benchmark rate cut from his statement and expect 25bp cut in the late July.
Only U.S. economy enjoys Goldilocks and euro zone, British and Asian's situation are under the pressure of recession. It supports strong dollar though Powell's hint. Economy analysts worry U.S. economy may pass the peak.
ECB President Mario Draghi hinted the Quantitative Easing before and it led euro's diving. Christine Lagarde,the president-nominee of the European Central Bank, is also in favor of quantitative easing.
After Powell's testimony in U.S. Congress and release of FOMC meeting minutes lead dollar down in Asian forex market. EUR/USD, one of the major currency pair broke through 120 exponential moving average.
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