The EUR/USD exchange rate paused after reaching 1.0667 but remained above the crucial support level of 1.0600 in the early Asian trading session on Friday. The decrease in US Treasury bond yields and the US Dollar (USD) correction provided some support for this pair. The 10-year Treasury bond yield dropped to 4.66%, the lowest since October 13. Traders are anticipating fresh momentum from the US Non-Farm Payrolls (NFP) report on Friday, expected to show an increase of 180,000 jobs in October. The major currency pair is currently trading around 1.0620, a slight 0.01% decline for the day.
Market expectations suggest that the Federal Reserve (Fed) has likely concluded its rate-hiking cycle. Fed Chair Jerome Powell emphasized the need for cautious financial conditions to avoid further rate hikes. Powell also stated that the central bank would work towards bringing inflation back to the 2% target, with policy decisions depending on economic data. According to the CME FedWatch Tool, the probability of a 25 basis points rate hike in the December meeting remains low, around 20%, adding pressure on the USD.
Market expectations suggest that the Federal Reserve (Fed) has likely concluded its rate-hiking cycle. Fed Chair Jerome Powell emphasized the need for cautious financial conditions to avoid further rate hikes. Powell also stated that the central bank would work towards bringing inflation back to the 2% target, with policy decisions depending on economic data. According to the CME FedWatch Tool, the probability of a 25 basis points rate hike in the December meeting remains low, around 20%, adding pressure on the USD.
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