Powell's swearing in ceremony lifts the euro before a fade

EUR/USD popped on the Bloomberg headline that was taken as dovish in the markets when Fed's Powell's prepared comments came with, "remain alert to any financial stability risks".

EUR/USD was trading at 1.2348 before making it to 1.2365 when the market has since drifted back to 1.2350 on a fade. Currently, EUR/USD is trading at 1.2352, down -0.03% on the day, having posted a daily high at 1.2360 and low at 1.2348.

Powell's comments:

  • Fed is in process of 'gradually normalizing' rates
  • "Monetary policy has continued to support a full recovery in labor markets and a return to our inflation target; we have made great progress in moving much closer to those statutory objectives"
  • Global economy is recovering strongly
  • Fed will "preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible."

 

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