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EUR/USD edges off session lows

Yesterday evening, as the gains in the EUR/USD turned to dust after the Fed policy decision, that move was covered here, as was the fact that it initially held the Asian low at 1.0673. It did rebound from a low at 1.0675, to back above 1.07 again. However, it did not stay there for very long and the subsequent hawkish comments from the Fed boss, Jerome Powell, sent it lower again. Eventually, that support at 1.0673 cracked and that sent the EUR/USD to below 1.0650, after it posted a US close at 1.0661. The fall through 1.0650 has been extended to as low as 1.0617 earlier this morning, but it has rebounded since. I should also note here how the impact of the change in the Fed Dot Plot plan has shifted market thinking on the timing of the first Fed rate cut next year. An example of just that has come from the US investment banking giant, Goldman Sachs (GS). They have now revised that from Q2 2024 to Q4. The EUR/USD is currently trading at 1.0639
 

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