EUR/USD slides yet clings to 1.1100 as market awaits Powell’s speech

The EUR/USD is set to finish Thursday’s session with losses of over 0.30% after the Greenback was bolstered by high US Treasury yields, even though Fed officials support a rate cut at the upcoming meeting in September.

EUR/USD falls as robust US Treasury yields bolster the dollar, despite Fed signals of potential September rate cuts. Mixed US data: Rising jobless claims and PMI results show service growth but worsening manufacturing contraction. ECB's Kazaks suggests possible rate cuts with a cautious, restrictive policy approach. At the time of writing, the major clings around the 1.1100 figure for the third straight day. EUR/USD hovers around 1.

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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