The Greenback gained strength in the foreign exchange market, bolstered by the recent release of the Personal Consumption Expenditures (PCE) data. The US Dollar's upward momentum resulted in the EUR/USD currency pair slipping back to the 1.0370 zone, marking fresh daily lows. Comments from Federal Reserve Governor Bowman also played a role in supporting the Greenback.
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The recent performance of the US Dollar underscores its resilience, primarily driven by key economic indicators. The PCE data provided a significant boost to the Greenback, reinforcing its position in the market. Concurrently, Governor Bowman's comments played a supportive role, contributing to the Dollar's strength against major currencies.
The EUR/USD pair experienced downward pressure due to the Greenback's robust performance, retreating to new lows for the day. This decline highlights the currency pair's sensitivity to US economic data and Federal Reserve communications.
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