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The Federal Reserve Bank announced a surprise 50 basis point rate cut yesterday. The cut comes after Jerome Powell announced last week that the central bank will be ready to act if need be.
The surprise measure taken by the central bank also followed a rate cut on the same day by the RBA.
Elsewhere, the G7 summit disappointed the markets after investors saw no major commitments from the leaders.
Eurozone Flash Inflation Slips in February
The preliminary flash inflation estimates for the Eurozone saw a decline in consumer prices. Data showed that headline inflation rose at a slower pace of 1.2% compared to a 1.4% increase in the month before.
The core inflation rate, however, was steady at 1.2%, rising only slightly from 1.1% earlier.
EURUSD Maintains its Bullish Streak
The common currency is consolidating within the resistance level of 1.1193 – 1.1176 and the support level of 1.1100. Price action remains bullish as the Stochastics oscillator remains in the overbought levels.
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