26 Agustus 2024, EUR/USD
EURUSD:
The EUR/USD pair continues to rise for the second session, trading near 1.1190 during the Asian session on Monday. The rise in EUR/USD is attributed to the decline in the US dollar following a dovish speech by US Federal Reserve (Fed) Chairman Jerome Powell at a symposium in Jackson Hole on Friday.
Fed Chairman Jerome Powell stated, “The time has come for policy adjustment.” Although Powell did not specify when the rate cut would begin or what its potential size would be, markets expect the U.S. central bank to announce a 25 basis point rate cut at its September meeting.
In addition, Philadelphia Fed President Patrick Harker emphasized on Friday the need for the U.S. central bank to gradually lower interest rates. Meanwhile, Chicago Fed President Austan Goolsbee noted that monetary policy is currently as restrictive as possible and the Fed is now focused on achieving its employment mandate.
As for the euro, European Central Bank (ECB) Governing Council member Olli Rehn said on Friday that slowing inflation along with weakness in the eurozone economy strengthen the case for lower borrowing costs next month, Bloomberg reported. Growth prospects in Europe, especially in the manufacturing sector, are quite weak, strengthening the case for a rate cut in September.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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