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EUR/USD Completes Pullback From Overnight Highs on Hawkish Powell

USD
  • EUR/USD now trades lower on the session having gained close to a point shortly after the US open as Powell retains a resolutely hawkish message in the testimony alongside Yellen.
  • The USD gained initially on Powell's comments that's time to retire the phrase 'Transitory' regarding inflation, but the move accelerated as Powell stated that the Fed will discussing speeding up a taper at the coming Fed meeting, adding that the Fed can consider "wrapping up" a taper a few months sooner.
  • GBP/USD now through both the 1.33 handle and narrowing the gap with 1.3250 at pace.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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