EUR/USD consolidates around 1.1570, tracks wobbling US Dollar

• EUR/USD trades sideways around 1.1570, while investors await the Fed Chair's announcement.
• US President Trump confirms that he will announce tariffs on semiconductors and chips soon.
• Investors await the Eurozone Retail Sales data for June.

The EUR/USD pair trades in a tight range around 1.1570 during the Asian trading session on Wednesday. The major currency pair consolidates as the US Dollar (USD) wobbles, with investors awaiting the announcement of the Federal Reserve's (Fed) Chair, and Governor Adriana Kugler's replacement, who resigned last week.

At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades in a tight range around 98.80.

On Tuesday, US President Donald Trump announced that he will appoint Fed's Chair and Kugler's replacement by the end of the week, and confirmed his choices to four for Chairman, including White House economic adviser Kevin Hassett, former Fed governor Kevin Warsh, and two other people.

"We're also looking at the Fed chair, and that's down to four people right now ... Two Kevins and two other people," Trump said to reporters.

US President Trump confirmed in an interview with CNBC on Tuesday that Treasury Secretary Scott Bessent is not his choice for the Fed's Chair.

Meanwhile, tariff fears have renewed again as President Trump confirms that he will be announcing tariffs on "semiconductors and chips, and pharma" in the next week or so.

In the Eurozone, investors await the Retail Sales data, a key measure of consumer spending, for June, which will be published at 09:00 GMT. Month-on-month Retail Sales are estimated to have grown by 0.4% after declining 0.7% in May. On year, the consumer spending measure is expected to have risen strongly by 2.6%, against a 1.8% grown seen last month.