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Dollar steadies after Powell slightly shifts the rhetoric- EUR/USD stalls ahead of 1.0824 for now

As noted in earlier updates, the Fed boss has been speaking from an event forum in Amsterdam this afternoon and he is still speaking right now. From the bent of his rhetoric thus far, it seems he is  taking a more cautionary approach when it comes to extolling the idea that the Fed will soon cut rates. That is just as well, because all the latest data would suggest anything other than waiting would be the wrong course of action. Naturally, the Fed may yet have to think long and hard about even suggesting rate cuts, the CPI data comes out much stronger than forecast tomorrow. So, the dollar has steadied a bit now. Earlier the EUR/USD lifted close to 1.0825 as momentum through the 1.0807 high yesterday forced some further buying. Well, no matter where it ends tonight, tomorrow could be a different story, but we shall have to see that CPI data first. For now though, the dollar is remaining under pressure heading into the 4pm London fix. The EUR/USD is currently trading at 1.0817, even as the US stock markets now slip into the red again. You  were warned here about such gyrations earlier this afternoon

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