The EUR/USD turned decisively to the downside following remarks by Federal Reserve Chair Jerome Powell.
Hawkish comments from Fed 's Powell prolong the slide of Treasury bonds. The US Dollar strengthened after Powell 's remarks and maintained its weekly gains. Technical indicators in EUR/USD show a bias towards the downside. The pair dropped towards weekly lows and is exhibiting a clear bearish bias . Euro pean Central Bank officials pushed back against some recent dovish market narratives, supporting the Euro .
The US dollar rallied after his remarks, and US bond yields soared. Before Powell's speech, US yields were already trending higher following a weak 30-year bond auction, potentially marking the end of the recent bond rally. On Friday, the market will continue to digest the implications of Powell's speech. In terms of data, the University of Michigan Consumer Sentiment survey is due.
Fed Powell Treasury Bonds US Dollar EUR/USD Bearish Bias ECB Euro
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