EUR/USD bulls capitalizing on USD weakness, yields lower on Fed's Powell

At the time of writing,at 1.1365 and has moved higher within the 1.1312 and 1.1368 range thus far on the day. Attention has been on the pace for which the Fed intends to taper and the timings of the first and subsequent rate hikes.

We have seen plenty of demand for the greenback because of this and US yields shoot higher. However, despite more of the same from the Fed this year, with very hawkish minutes, the greenback has not been able to capitalise much on it. The greenback is down around 0.9% as per the DXY for 2022 so far. The DXY is an index that measures the US dollar vs a basket of major rival currencies, the largest of which is the euro making up over 57% of the components of the index.

Then, taking into account covid, the greenback was regarded as a safe bet in this regard. However, given that the Omricon variant is not expected to cause as much damage to global growth, the US dollar could also lose out on this front. The US dollar had otherwise been expected to benefit from safe-haven flows away from risk.

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