The EUR/USD pair regained strong positive traction on Tuesday and recovered all of its losses recorded in the previous session amid some renewed selling bias surrounding the US Dollar.
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GBP/USD created a bullish outside bar candlestick on Tuesday, signaling a continuation of the recent rally. The outlook would turn bearish if the pair closes below Tuesday's low of 1.2392, in the face of a less dovish Fed outcome.
Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.
Mr. Powell warned against assuming that this was the beginning of a rate cutting cycle. “That is not what we are seeing now, that’s not our perspective now.’ He noted that the Fed has gradually moved to a more accommodative policy this year from a rate increase last December to a pause for several months and then to this cut. The dangers that the Fed sees facing the American economy are not homegrown but are global and trade factors from the China dispute and Brexit to the worldwide slowdown in growth.
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