Dollar eases, Powell and central banks in focus ...Middle East

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Dollar eases, Powell and central banks in focus
EUR/USD strengthened during the European session as the USD lost ground after lower than expected ISM data. The pair is heading towards the 1.0915 level of resistance. Powell will likely reiterate in his Congress testimony today that there's no rush for the Fed to cut rates and more evidence is needed to confirm that the downward inflation trend is persistent. The market has already accounted for this and will not react unless there's a surprise. As such, a bigger focus will be on tomorrow's ECB meeting. The market expects rate cuts to begin in June, but analysts anticipate that the ECB will have a dovish tone. If confirmed, EUR/USD will lose strength. AUD/USD strengthened as well during

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