Euro-dollar surges as Powell turns dovish

The EURUSD rallied sharply after hitting a daily low of 1.110,5 as Federal Reserve Chairman Jerome Powell said, “the time has come for policy to adjust,” opening the door to ease policy. Therefore, the major currency pair jumped toward 1.1170 and posted gains of over 0.54%. In his speech at Jackson Hole, Powell stated that the size and timing of rate cuts would be data-dependent, adopting a stance like the European Central Bank. He added that he’s confident that inflation “is on a sustainable path back to 2%,” adding that those risks have diminished, contrary to increasing risks on employment.

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Euro-dollar surges as Powell turns dovish

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