The EUR/USD pair trades on a weaker note around 1.0935, snapping a two-day winning streak during the early European session on Thursday.
EUR/USD weakens near 1.0935 in Thursday’s early European session. The ECB is anticipated to maintain rates steady at its July meeting on Thursday. Fed officials said the central bank is ‘getting closer’ to the first rate cut amid signs of cooling inflation. The Greenback edges higher as traders turn cautious ahead of the European Central Bank's monetary policy meeting later in the day. On the US docket, the weekly Initial Jobless Claims and Philly Fed Manufacturing Index will be released.
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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