The Euro (EUR) losses traction gains the US Dollar (USD) in early morning trading during the North American session, after hitting a daily high of 1.0
592 but failing to crack the 1.0600 mark, exacerbated its fall, with the EUR/USD approaching towards the 1.0400 figure, for the third time in the last couple of week. At the time of writing, the major trades at 1.0495,, down 0.77%.
In the meantime, the latest round of Federal Reserve officials crossing newswires remain hawkish, led by Michelle Bowman, who said inflation is too high, and the current jump in energy prices could reverse “some of the recent progress on lowering inflation.” Bowman added she favors another hike at a future meeting. Fed Chairrecently stated the economy is coming through the other side of the pandemic. and added the Fed is focused on achieving price stability.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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