The EUR/USD pair loses momentum around 1.1120, snapping the three-day winning streak during the early European session on Wednesday.
EUR/USD edges lower to near 1.1120 in Wednesday’s Asian session. The cautious sentiment lifts the US Dollar, but more dovish remarks from the Fed might cap its upside. Investors will closely watch the FOMC Minutes on Wednesday for fresh catalysts. The cautious mood in the markets ahead of the July Federal Open Market Committee Minutes meeting minutes on Wednesday provides some support for the Greenback. The FOMC kept the Federal Funds rate unchanged between 5.25%-5.50% at its July meeting.
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. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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