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Fed Chair Jerome Powell started his two-day testimony to Congress. In his opening remarks, Powell said that the central bank was comfortable with the current US rates.
He attributed the slowdown in the third quarter due to the auto-strike. The comments reaffirm the Fed’s pledge to leave interest rates unchanged in the foreseeable future.
Eurozone Industrial Production Slows in September
Industrial production in the eurozone grew at a slower pace in September. It rose just 0.1% during the period compared to a 0.4% increase the month before.
This was the slowest pace of increase in four months. But the data was slightly better than forecasts. On a year over year basis, the eurozone’s industrial production is up 1.7%.
EURUSD Holds Steady at Support
The common currency was consolidating near the support area of the 1.1000 region. Price action, according to the Stochastics oscillator is showing a bullish divergence building up.
The currency pair needs to close above 1.1015 in order to...
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