The US dollar is losing value today, thus interrupting the cycle of gains we have seen this week. The EURUSD pair is currently down 0.5%, with declines accelerating after Jerome Waller said that if Trump asks him to take on the role of Federal Reserve Chairman, he will agree. The Fed banker added that he personally does not see long-term inflation expectations rising, which may suggest that he is in favor of faster cuts.
Furthermore, Kevin Warsh, a former Fed member and potential candidate to succeed J. Powell, called on CNBC for a “regime change” at the Federal Reserve, criticizing the current leadership for its handling of inflation and resistance to rate cuts. According to Warsh, by “waiting for data,” the Fed is undermining its credibility and confidence in the effectiveness of monetary policy.
The pair stopped its decline within the 200-period exponential moving average on the H4 interval and is currently rebounding and retesting the zone consisting of the 50-period and 100-period EMA.
Source: xStation
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