Jan 14, 2021 20:22 GMTFXStreet News
EUR crosses catch a bid on a softer dollar following Fed’s Powell’s remarks.
EUR/USD bulls not out of the woods yet from a technical standpoint.
EUR/USD is currently trading at 1.2157 having travelled between a range of 1.2111 and 1.2179 on the day so far, catching a bid on Federal Reserve Jerome Powell’s remarks.
Today’s speech by Fed Reserve Chairman Jerome was being closely scrutinised for signs of potential changes to monetary policy.
There has been a fair bit of discussion from Fed speakers of late about an exit strategy and tapering.
The Fed is currently buying US$120bn of US Treasury bonds and mortgage-backed securities every month but at some point, this spending will be tapered back.