The EUR/USD pair is trading mildly higher at 1.0682, with a daily variation of 0.12% on Wednesday’s session.
Labor data from April from the US came in mixed and ISM PMIs disappointed. The FOMC is anticipated to deliver a hawkish hold, setting a vital economic direction for markets. In case the Fed shows itself hawkish, the markets could adjust its expectations further, fuelling additional gains to the USD. The US reported soft ISM PMIs and Job Openings figures which seem to be weighing on the Greenback.
Chair Powell's press conference will be crucial, with the potential to drop earlier guidance on easing, signaling a more cautious approach to monetary policy adjustments. Market expectations have shifted, significantly reducing the likelihood of rate cuts in the near future, and pushing the start of the easing cycle towards September of 2024.
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