The EUR/USD pair surged to 1.0981, its highest in almost two months, on Friday, ending the week at around 1.0950. Demand for the US Dollar remained subdued, which should have helped the pair run further, but discouraging European news limited Euro gains. By the end of the week, the shared currency stood as the weakest USD rival.
The focus was on central banks, as Federal Reserve (Fed) Chair Jerome Powell testified about monetary policy before the US Congress, while the European Central Bank (ECB) delivered its decision on monetary policy.