EUR/USD retraces its recent gains registered in the previous session, trading around 1.1170 during the Asian session on Friday.
EUR/USD edges lower due to market caution ahead of US Personal Consumption Expenditures data release on Friday. Fed Governor Lisa Cookhas expressed support for last week's 50 basis point rate cut, pointing to heightened downside risks to employment. Traders await speeches from ECB’s Philip Lane and Piero Cipollone scheduled later in the day. The US Dollar receives support as traders adopt caution ahead of the US Personal Consumption Expenditures Price Index data for August.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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