Ella 
In early Asian trading on Wednesday, EUR/USD rose to around 1.0815. Markets may turn cautious ahead of key economic data from the euro zone and the United States later in the day. The first quarter Eurozone gross domestic product (GDP) preliminary value and the US consumer price index (CPI) in April will be the focus of the day.
On Tuesday, Federal Reserve Chairman Jerome Powell said inflation was falling slower than expected and producer price indexes provided more reason to keep interest rates higher for the longer term. Powell also said that in his view, the Fed is unlikely to raise interest rates further even if a rate cut becomes less likely. In addition, Kansas City Fed President Jeffrey Schmid pointed out that inflation is still too high and the Fed has more work to do. These hawkish comments are likely to boost the US dollar (USD) and weigh on EUR/USD in the short term.
