EUR/USD gathered bullish momentum in the late American session on Wednesday and closed the day in positive territory.
EUR/USD holds steady above 1.0700 after closing in the green on Wednesday. The Fed left the policy rate unchanged, introduced changes to QT strategy. The US Dollar struggles to find demand ahead of mid-tier data releases. The pair holds steady above 1.0700 in the European session on Thursday, while the technical outlook points to a bullish tilt. The Federal Reserve left the interest rate unchanged at 5.25%-5.5% following the April 30 - May 1 policy meeting, as widely expected.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . 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.
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