Breaking: EUR/USD jumps above 1.1250 as Powell refrains from repeating patient stance

more to come

Fed Chair Jerome Powell is speaking as markets are speculating that the Fed will cut interest rates this year, perhaps as early as September. Weak inflation and high uncertainty due to the trade wars are behind the drop in bond yields.

The US Dollar has been on the back foot also due to the dovish comments by Saint Louis Fed President James Bullard who wants a rate cut "soon." The Fed meets in two weeks and is set to leave rates unchanged.