The EUR/USD pair consolidates its losses around 1.0815 during the early Asian session on Wednesday.
EUR/USD holds steady around 1.0815 in Wednesday’s early Asian session. Germany unexpectedly shank by 0.1% in the second quarter. The Fed is likely to hold rates steady at its July meeting on Wednesday. The major pair edges lower amid risk-aversion and weaker-than-expected preliminary Gross Domestic Product for Q2 from Germany. Traders prefer to wait on the sidelines ahead of the Federal Reserve Interest Rate Decision on Wednesday.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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