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EURUSD: Awaiting Powell’s speech and ECB announcement

Asian currencies consolidate against USD in the morning session ahead of Fed Chair Powell’s two-day congressional testimony that begins later today. While the bias for the USD Index is for a test of support of its 103-105 range, markets need a more dynamic impulse to indicate a break of the trend, Westpac Strategy Group says in a note. Unless there’s a major shift in U.S. economic data, any declines of the USD Index toward support on this range will likely be perceived as buying opportunities, Westpac adds.

 

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