EUR/USD failed to make a decisive move in either direction on Monday and closed the day virtually unchanged.
EUR/USD continues to move sideways slightly above 1.0800 on Tuesday. The technical outlook points to a loss of bullish momentum. Fed Chairman Powell will present the Semi-Annual Monetary Policy Report. The pair holds steady slightly above 1.0800 early Tuesday as investors stay on the sidelines while waiting for Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee.
In its Semi-Annual Monetary Policy Report published on Friday, the Fednoted that there was further progress on inflation this year but added that they still need greater confidence before moving to rate cuts. Fed Chairman Powell will present this report and respond to questions later in the day. According to the CME FedWatch Tool, markets currently price in a nearly 23% probability of the Fed leaving the policy rate unchanged in September.
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