US dollar getting more gains as the timing of a rate hike by the Federal Reserve and a potential breakthrough in Greek Debt negotiations remained in focus.
European Union single currency EUR/USD revised down 0.0173 or 1.53% to 1.1168, experiencing its largest one-day sell-off on a percentage basis since March 19, when it tumbled 1.90%. At one point in Tuesday's session, the euro plunged to 1.1135, its lowest level in nearly three weeks. After reaching a monthly high at 1.1438 last week, the euro continued its retreat against the safe haven currency US dollar on Tuesday closing lower for the third time in four session. The pair has not eclipsed 1.15 since Feb. 3.
Forex trader predicted EUR/USD likely gained support at 1.1080, the low from June 8 and was met with resistance at 1.1411, the high from June 22.
Strong buy status on safe haven currency US dollar surged on Tuesday morning following hawkish comments from Fed governor Jerome Powell on the timing of the Fed's first interest rate hike in nearly a decade. It's quite sure signal to Appearing on a panel discussing monetary policy in Washington, that there is a 50/50 chance lift-off could occur at the FOMC's September meeting, followed potentially by another rate hike in December. In addition, Powell said that while transient effects from severe winter weather pulled down inflation in the first quarter, it could still reach the Fed's targeted goal of 2% by the end of 2015, as the dollar and oil prices stabilize. Fed raising rate is on track for this year and more nearly as good economic growth data
European Union single currency EUR/USD revised down 0.0173 or 1.53% to 1.1168, experiencing its largest one-day sell-off on a percentage basis since March 19, when it tumbled 1.90%. At one point in Tuesday's session, the euro plunged to 1.1135, its lowest level in nearly three weeks. After reaching a monthly high at 1.1438 last week, the euro continued its retreat against the safe haven currency US dollar on Tuesday closing lower for the third time in four session. The pair has not eclipsed 1.15 since Feb. 3.
Forex trader predicted EUR/USD likely gained support at 1.1080, the low from June 8 and was met with resistance at 1.1411, the high from June 22.
Strong buy status on safe haven currency US dollar surged on Tuesday morning following hawkish comments from Fed governor Jerome Powell on the timing of the Fed's first interest rate hike in nearly a decade. It's quite sure signal to Appearing on a panel discussing monetary policy in Washington, that there is a 50/50 chance lift-off could occur at the FOMC's September meeting, followed potentially by another rate hike in December. In addition, Powell said that while transient effects from severe winter weather pulled down inflation in the first quarter, it could still reach the Fed's targeted goal of 2% by the end of 2015, as the dollar and oil prices stabilize. Fed raising rate is on track for this year and more nearly as good economic growth data
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