US Federal Reserve Chair Jerome Powell hints at a potential pause in rate hikes, indicating a data-dependent approach to monetary policy.
St. Louis Fed President Bullard predicts two more rate hikes, while others voice the importance of watching how inflation develops.began the week sideways, clinging to the 1.0800 mark amidst a slightly upbeat market sentiment sponsored by an improvement in US ceiling discussions, despite hawkish rhetoric by Federal Reserve’s officials. At the time of writing, the EUR/USD is trading at 1.0804, almost flat, after hitting a daily low of 1.0795.
Earlier Monday, Federal Reserve officials commented that more tightening is needed, namely St. Louis Fed President Bullard, foreseeing two more rate hikes. At the same time, Minnesota’s Fed President, Neil Kashkari, is open to pausing but emphasized that it’s important to “not signaling that we’re done.” Of late, Atlanta’scommented that policy tightening acts with a lag, and he’s “comfortable” waiting for how “things play out.
Data-wise, the Eurozone economic docket featured that consumer confidence in the bloc rose 0.1 in May to -17.4 vs. April -17.5, though it came below estimates for an improvement toward -16.8.and Isabel Schnabel, stuck to its hawkish rhetoric, which trimmed the Euro’s losses towards the weekend. ECB President Lagarde said the ECB would do what is necessary to deliver price stability and commented that she would not trade off price and financial stability.
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