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The Federal Reserve bank concluded its two-day monetary policy meeting on Wednesday. As widely expected, rates were left at the current levels.
The central bank, in its forecasts, indicated that rates will remain at these levels. The forecasts come as the Fed previously signaled that it was done with lowering rates any further. The dollar slipped on the news.
Euro Trades Mixed on US Data
The euro was posting modest gains on Wednesday, in an attempt to maintain the momentum. On the economic front, the monthly inflation report from the US was the key mover.
Headline inflation in the United States rose by 2.1% on the year. On a monthly basis, inflation grew by 0.3%. However, data suggests that the pace of inflation growth continues to remain tame. Data from the eurozone was sparse.
EURUSD Testing Upper Resistance
The euro rose to session highs near 1.1100. However, price action is likely to remain within the range of 1.1100 and 1.1072 ahead of today’s ECB meeting.
A breakout from this ra...
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