The EUR/USD price continued rallying as investors predicted that the Federal Reserve will dial back its aggressive tightening policy.
It rose to a high of 1.0750, the highest point since June 9 of 2022. It has rallied by over 12.5% from the lowest point in 2022.The EUR/USD exchange rate continued rising as the market started focusing on the next actions of the Federal Reserve. It rallied after data by the Labor Department showed that wage inflation was cooling down after months of rising.
The Fed has been working to reduce the strength of wages. There are signs that this trend will continue as white collar layoffs increase. Media reports said that Goldman Sachs was considering laying off over 3,000 workers as profitability dropped. The next key catalyst for the EUR/USD pair will be the upcoming statement by Jerome Powell. In it, he is expected to talk about the state of the American economy and give hints about what the Fed will do. With bond yields falling and stocks soaring, Powell will likely remain adamant that the Fed will continue with its aggressive policy. Besides, inflation is still significantly above the target of 2.0%.
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