The EUR\/USD pair extended its bullish run for a fifth straight day on Wednesday, nearing its year-to-date high around 1.1660, up 0.44% during the North American trading session. The euro\u2019s strength was driven by renewed optimism over a U.S.-brokered Middle East ceasefire, which, despite its fragility, fueled risk-on sentiment and supported inflows into the shared currency.
A modestly weaker U.S. dollar, pressured by mixed Treasury yields, also played a role, as Federal Reserve Chair Jerome Powell maintained a cautious stance during his second congressional testimony. Powell highlighted potential tariff-driven inflation risks this summer, underscoring the Fed\u2019s reluctance to cut rates soon, with the June policy meeting keeping rates at 4.25\u20134.50% and forecasting varied 2025 rate paths. In contrast, the European Central Bank\u2019s recent cut to a 2.00% Deposit Facility Rate and ECB President Christine Lagarde\u2019s guarded outlook emphasized monetary policy divergence.
Market focus also remained on the U.S. tariff pause deadline on July 8 and ongoing EU-UK trade negotiations. From a technical perspective, EUR\/USD faces resistance at the 2025 peak of 1.1641, followed by the October 2021 high of 1.1692 and the 1.1700 level, with upside momentum showing no immediate signs of fading.
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The EUR\/USD pair extended its bullish run for a fifth straight day on Wednesday, nearing its year-to-date high around 1.1660, up 0.44% during the North American trading session. The euro\u2019s strength was driven by renewed optimism over a U.S.-brokered Middle East ceasefire, which, despite its fragility, fueled risk-on sentiment and supported inflows into the shared …<\/p>\n","protected":false},"author":13,"featured_media":105788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[],"class_list":["post-115889","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=115889"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115889\/revisions"}],"predecessor-version":[{"id":115895,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/115889\/revisions\/115895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/105788"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=115889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=115889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=115889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}