Fed Cuts Main Rate By 25bps
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The Federal Reserve yesterday cut its benchmark interest rate by 25 basis points to 4.5%-4.75%, as expected.
While leaving the door open for further cuts or a pause in December, the Fed emphasised a data-dependent approach. Chair Powell clarified that the recent election won’t immediately impact monetary policy decisions.
The EUR/USD currency pair closed Thursday, November 7th, 2024, at $1.08, up 0.668% from the previous day’s close of $1.07.
The pair traded in a range of $1.07 to $1.08 on the day, a 1.04% fluctuation. While the pair has seen positive momentum, rising on seven of the last 10 trading days, it’s still down 0.24% over the past two weeks.
Key levels to watch are $1.0731 support and $1.0834 resistance.
