EUR/USD ticks lower to near 1.1280 during European trading hours on Thursday. The major currency pair edges down as the US Dollar (USD) trades slightly higher on signals from the Federal Reserve (Fed) that there is no rush to lower interest rates, which came on Wednesday just after the central bank left interest rates unchanged in the range of 4.25%-4.50% for the third time in a row.
The US Dollar Index (DXY), which gauges the Greenback's value against six major currencies, ticks higher to near 100.00.
Fed Chair Jerome Powell stated that "uncertainty about the economic outlook has increased further" due to the fallout of tariffs announced by United States (US) President Donald Trump, which have skewed "risks to both inflation and unemployment on the upside". Therefore, Powell advised that the right thing for the Fed now is to "await more clarity".
According to the CME FedWatch tool, traders are confident that the Fed will also keep borrowing rates steady in the June policy meeting, but see around a 66% chance of interest rates being lower than current levels in July.
Meanwhile, investors await the announcement of the first bilateral trade deal by the White House under the leadership of US President Trump. On Wednesday, Trump declared through a post on Truth.Social that his team has closed a deal with one of his trading allies, which will be public on Thursday at 14:00 GMT.
According to a report from The New York Times (NYT), the trading partner will be the United Kingdom (UK). This contradicts what Trump signaled last week on the NewsNation television network that India, South Korea, and Japan would be the first countries to close trade deals.
However, financial market participants are mainly focusing on trade discussions between the US and China, which are scheduled for Saturday in Switzerland. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer confirmed that they will meet their Chinese counterparts, aiming to de-escalate the trade war.
Source: FXStreet
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