- EUR/USD struggles to push past 1.18.
- ECB-speak, EcoFin meeting in focus
- Fed’s Powell under the spotlight later
The EUR is under pressure sending EUR/USD to a daily low of 1.1760.
EUR/USD looks towards Lagarde & Powell
EUR/USD faces resistance at 1.18 before easing back..
Meanwhile the USD sees a mild pick up as risk appetite lacks direction ahead of Fed’s Powell speech later on Tuesday.
Christine Lagarde leaves the door open for extra stimulus, this includes rate cuts- to support the economy as the ongoing recovery remains incomplete and uncertain.
Eurozone Construction PMIs were mixed, German Factory Orders smashed forecasts August, indicating the recovery is on the right path. ECB’s De Guindos will speak at the EcoFin meeting, Board member Lane will speak at the NABE event and Chief Largarde will also be speaking at a separate event.