The single currency rebounded from its highest in a week against the US dollar

The single currency of the European Union fluctuated in a slightly bearish range during the Asian session to bounce back to its second-highest session since July 11 against the US dollar on the eve of developments and expected economic data Wednesday by the economies of the euro area and the US economy that understands the merits of the second half of the testimony of the governor of the Federal Reserve Jerome Powell in Washington Congress.

At 4:59 GMT, the EURUSD fell 0.14% to 1.1645 from the opening at 1.1661 after recording a low of 1.1641 and a high of 1.1665. .

Markets for the euro zone economies are looking for the final reading of the June CPI, which could reflect stable growth of 2.0%, unchanged from the preliminary reading of the month last and 1.9% And the basic annual reading of the same index could show steady growth of 1.0%, unchanged from the previous reading and 1.1% in May.

On the other hand, investors are turning to the US economy to unveil housing market data that could indicate a drop in housing starts and a building permit in the United States in June before the start of the second half of Jerome Powell's semiannual portfolio on monetary policy before the House Financial Services Committee in Washington.

million. Powell presented Tuesday to the Senate Committee on Banking, Housing and Urban Affairs a monetary policy note confirming that US economic growth was continuing at a steady and moderate pace in connection with continuous improvement of the labor market. Recent inflation has been encouraging, adding that it is difficult to badess the implications of trade and financial policies on the US economy.

million. Powell also said the risks to the US economy remain balanced, adding that tax and tax reduction plans would likely help support growth, adding that moving forward with rate hikes is now the best policy. After Powell presented the summary report of the discussions on monetary policy, economic developments and prospects for the Federal Reserve at the end of last week in Congress.

Otherwise, markets are also looking forward today to unveiling the Beige Book report, an important two weeks before the FOMC meeting, one of the pillars on which the Fed's monetary policy makers base their decisions and their direction to support and stimulate the US economy, knowing that the next meeting of the Federal Commission will take place in late July and early August next.