The EUR/USD pair consolidates gains around 1.0745 during the early European session on Wednesday.
EUR/USD trades with mild losses near 1.0745 in Wednesday’s early European session. The negative outlook of the pair remains intact below the key 100-day EMA. The first upside barrier will emerge at 1.0786; the initial support level is seen at 1.0650. Data released on Tuesday showed that the annual inflation rate in the Eurozone cooled down in June, in line with the market consensus.
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. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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