5/4/2021 5:35:03 AM GMT
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By Dhwani Mehta
EUR/USD stuck in a narrow range ahead of the FOMC decision.
Lagarde’s speech also eyed, as the Fed is likely to hold fire.
Higher DXY and Treasury yields weigh on the spot.
EUR/USD is extending losses towards 1.2000 ahead of the European opening bells, having failed to find acceptance above 1.2050 amid a broad-based US dollar rebound.
The market sentiment remains tepid amid cautious remarks from Fed Chair Powell on the US economy while the continued covid surge in India and Japan continues to dent the risk appetite.
Powell said that the US economy is doing better but is “not out of the woods yet,” in remarks prepared for delivery at a conference of the National Community Reinvestment Coalition.