• EUR/USD rallies on renewed Euro strength.
• Fed holds the line, says rates will come down eventually.
• Friday’s US NFP to be the key data print this week.

EUR/USD rallied into 1.0950 on Thursday, bolstered by prospects of movement from the European Central Bank (ECB) and an easing US Dollar (USD) on the back of a steady showing from Federal Reserve (Fed) Chairman Jerome Powell who reiterated most of his statements from Wednesday’s Semi-Annual Monetary Policy Report to the US Congressional House Financial Services Committee.

Thursday’s Fed outing before the Senate Banking Committee found little new material for markets as Fed Chair Powell stuck closely to familiar narrative elements. The Fed sees rate cuts coming, possibly later this year, as long as inflation continues to recede.