No changes in US rates, President Powell did not surprise, investors remain cautious

Everything was almost expected in yesterday's interesting day and Euro remain close to 1,08 level as key interest rates remaining unchanged in United States while the statements that followed from Fed's President Jerome Powell did not surprise.

Ιn his statements he confirmed the strong possibility for the first cut in the key interest rates in September while the chances remain high for another cut by the end of the year.

A likely similar path is expected to follow and the European Central Bank with two rate cuts is  currently on the table as the best possibility.

Such a development will not change the interest rate gap which at the moment clearly favors the US dollar which keeps on the table   the scenario of seeing even lower prices ​​in the exchange rate.

On today's agenda in addition to the usual weekly claims for unemployment benefits in the United States, the ISM  index for the manufacturing sector in the United States stands out.

Τhere are no significant differences in the general picture of the market, which is reflected in the  exchange rate  limited range of variation  in the last three days  despite the rather rich agenda.

I continue to remain on hold although I believe that the scenario of a down-break of 1,08 level remains on the table as a good possibility.