The eurodollar pair recorded a strong rise during trading today, Friday, in conjunction with the strengthening of expectations of a US interest rate cut during the next September meeting, after the issuance of statements by US Federal Reserve Governor, Jerome Powell, at the Jackson Hole Forum, in which he stressed that it is time to cut interest rates.
The Governor of the US Federal Reserve, Powell, stated that the time has come to adjust the monetary policy of the US Federal Reserve, and that the timing and pace of interest rate cuts depend on economic data, economic projections and the balance of risks, adding that the current level of interest rates gives the US Federal Reserve ample scope to respond to any risks it may face, including the risk of further unwanted weakness in the labor market.
Read also:A famous analyst predicts an explosion soon for the price of Bitcoin, citing historical evidence!
EURUSD Performance:
The EURUSD pair recorded a strong rise during trading and reached levels of 1.1180 points, the highest level for the pair since July 2023, and this comes in conjunction with the strengthening of expectations about a US interest rate cut at the September meeting.
What stock should you buy in your next trade?
The computing forces of artificial intelligence are changing the stock market. ProPicks from Investing.com are 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks’ AI identified two stocks that jumped more than 150%, 4 more that jumped more than 30%, and another 3 stocks that jumped more than 25%. What is the arrow with the next jump?
