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The U.S. dollar remained on the back foot

The U.S. dollar remained on the back foot | 23 June 2021

23 June 2021, EUR/USD

The U.S. dollar remained on the back foot

EURUSD trading plan:

U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed that tighter monetary policy was still some way off. Powell and New York Fed President John Williams warned that the economic recovery requires more time before a tapering of stimulus and higher borrowing costs are appropriate. "We will not raise interest rates pre-emptively because we fear the possible onset of inflation," Powell said in a hearing before a U.S. House of Representatives panel. "We will wait for evidence of actual inflation or other imbalances." Benchmark 10-year Treasury yields edged lower in Asia to 1.47%, from as high as 1.59% a week ago.

Investment idea: buy 1.1915 and take profit 1.1975.

David Johnson
Analyst of «FreshForex» company
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