The U.S. dollar is trading lower today, with EURUSD gaining nearly 0.3%, forming a potentially bearish local triple top formation. Statements by Fed members carry a mixed tone today. On the other hand, the pair is holding above the 200-day moving average, and the wick of the candlestick on D1 suggests that the bulls may be able to maintain the bullish mometum crossing by 1,09 key resistance zone.
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- My business contacts remain concerned about elevated inflation.
- It's too early to declare victory against price pressures.
- It is also too early to say whether the neutral rate has risen.
- Neither the Fed nor I are sure that inflation is on track to 2%.
- We must resist the pressure to act too quickly when patience is required.
- The Fed is uncertain about the length of monetary policy transmission delays.
- The Reserve is grappling with uncertainty about the outlook and policy delays, but needs the courage to wait in uncertain times.
- We are probably near the peak of interest rates, where we should be.
- The banking system is not deeply exposed to cryptocurrencies, most banks are taking a cautious and prudent approach.
EURUSD (M5, D1 charts)
The short-term technical situation for the Eurodollar looks more favorable on the daily interval than the short-term M5 where supply is slowly starting to come to the fore.
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