Home Business News Forex traders await the ECB meeting and Powell’s testimony

Forex traders await the ECB meeting and Powell’s testimony

7th Mar 24 10:20 am

The euro was trading slightly lower ahead of today’s ECB meeting.

The currency has been gaining some ground against the dollar during the last three weeks as traders continue to assess the direction of monetary policy in the Eurozone and the US.

The euro rose after Jerome Powell’s comments yesterday as he maintained that rate cuts could happen this year.

The currency could also react to his second testimony today, and could strengthen if the President of the Federal Reserve emphasizes his comments on a possibly softer monetary policy.

At the same time, the European Central Bank is expected to leave its interest rates unchanged and traders could monitor the bank’s updated economic projections as well as Christine Lagarde’s comments for any indications on the start of interest rate cuts where a softer tone could weigh on the European currency.

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