Gate.io: Euro may face profit-taking pressure ahead of Powell's speech

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Jinshi Data, August 23rd News, ING International stated that if investors take profit on recent gains against the euro/dollar EUR/USD before Powell signals an expected rate cut at the later Jackson Hole Symposium, the Exchange Rate may fall. Analyst Francesco Pesole said in the report that investors may use Powell's speech to lock in some profits on the euro/dollar, which could cause the Exchange Rate to fall and possibly test the support level of 1.1100. Powell may prepare the market for a rate cut in September, but this has already been fully priced in, and he is unlikely to endorse expectations of a 50 basis point rate cut at a meeting later this year.

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