EUR/USD holds above 1.1100 mark amid fresh USD selling, ahead of Fed’s Powell

The EUR/USD pair regains positive traction on the last day of the week and for now, seems to have stalled its pullback from the vicinity of over a one-year high touched on Wednesday.

EUR/USD attracts some dip-buying on Friday amid the dovish Fed -inspired USD slide. The Euro bulls seem unaffected by rising bets for more interest rate cuts by the ECB . Investors now look to Fed Chair Jerome Powell’s speech for some meaningful impetus. Spot prices currently trade around the 1.1125 region and draw support from the emergence of fresh selling around the US Dollar .

Adding to this, the negotiated wage growth in the Euro area slowed to 3.55% for Q2 2024, from 4.74% in Q1 2024. This, in turn, strengthens the case for two more rate cuts from the European Central Bank this year. This might hold back traders from placing aggressive bullish bets around the shared currency and cap any meaningful appreciating move for the EUR/USD pair.

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