EUR/USD steadies near seven-week high around 1.0850 after post Fed whipsaw

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• EUR/USD grinds near multi-day top despite retreating in the last hour, stabilizes after five-day uptrend.
• US Dollar fails to cheer Fed’s 0.25% rate hike despite bouncing off multi-day low in the last.
• Fed Chair Powell’s rejection of rate cuts in 2023, US Treasury Secretary Yellen’s comments on deposit insurance favored USD rebound.
• ECB policymakers appear more hawkish than Fed signals, suggesting more room for Euro upside.

EUR/USD bulls take a breather close to a two-month high, following a five-day uptrend, after Federal Reserve’s (Fed) failure to please US Dollar bulls despite announcing a 0.25% rate hike. That said, the Euro pair seesaws around 1.0860, after a brief run-up to 1.0912, as the latest greenback licked its wounds during the last hour.