The single currency rebounded from its highest in a week against the US dollar after the first half of Powell's testimony

The single currency of the European Union fell during the US session to recover since July 11 against the US dollar, due to a lack of economic data on Tuesday from the economies of the European Union. Eurozone and following economic developments and US data. The first half of the Fed's mid-term testimony to Governor Jerome Powell.

At 16:23 GMT, the EURUSD fell 0.45% to 1.1658, compared with the opening at 1.1711 after the pair hit a lows of 1.1656, a week at 1.1745.

Earlier in the day, European Council President Donald Tusk said the free trade agreement with Japan was a clear message against the growing protectionism of trade. Various world, came after the EU signed with Japan in Tokyo a war deal exchange between the two sides.

We recall that the agreement between the Europeans and the Japanese aims to promote trade and transactions by eliminating tariffs and tariffs, which should result in GDP growth of 1% or 5%. 000 billion yen. Japan, with the elimination of tariffs on Japanese cars estimated at 10% and the elimination of customs duties estimated at 1 billion euros and paid by European exporters each year.

On the other hand, we tracked the US economy, the world's largest economy and the largest industrial country in the world, by reading the industrial production index, which rose by 0.5% in May, In conjunction with the energy efficiency index, the growth rate accelerated from 77.7% in May to 78.0%, below expectations 78.4%.

We saw the Federal Reserve's semi-annual testimony to Federal Reserve Governor Jerome Powell on monetary policy before the Senate Committee on Banking, Housing and Urban Affairs, in which he expressed economic data confirming continued growth of the US economy at a steady and moderate pace. While the labor market continues to improve and recent inflation data are encouraging.

Powell also noted that it is difficult to badess the impact of trade and financial policies on the US economy, adding that risks to the local economy remain balanced , adding that fiscal and fiscal reduction plans will likely help sustain growth. He said the continuation of the gradual lifting of federal funds is the best policy for the current period.

Federal Reserve Governor Paul is expected to present the second half of his semiannual testimony to the House Financial Services Committee on Wednesday after his brief account of the discussions on monetary policy and economic developments. The past of Congress, and pricing markets for federal funds raising interest rates four times this year.