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USD Recovers Off Lows
The US dollar is doing its best to recover today following a sharp drop lower, posted yesterday, in response to dovish comments from Fed’s Williams. Williams outlined the need for urgent action from the Fed saying it should not keep its “powder dry” and instead, should act as quickly as possible. Williams’ comments have boosted market pricing for a more aggressive cut at the July meeting, sending USD lower. The index trades 96.57 last, having recovered somewhat off yesterday’s 96.32 lows.
Euro Weighed On
EURUSD has come off a little today, weighed on by the recovery in USD. The market has been struggling to build a directional view in EURUSD, with price caught between expectations for both Fed and ECB easing. If the Fed does opt for a larger rate cut, this could provide support for EURUSD which is currently sitting at 1.1253, up off the 1.127 level support.
Pound Down Again
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