The resurgence of upward pressure on the US Dollar (USD) observed on turnaround Tuesday sparked a marked pullback in EUR/USD, dragging it to multi-day lows near 1.0680.
EUR/USD resumed the decline and broke below 1.0700. The Greenback rebounded amidst higher yields ahead of FOMC. EMU advanced CPI remained sticky in April. The resurgence of upward pressure on the US Dollar observed on turnaround Tuesday sparked a marked pullback in EUR/USD, dragging it to multi-day lows near 1.0680.
Recent remarks from ECB board members have suggested the possibility of the ECB starting its easing cycle in June, sparking speculation about three interest rate cuts for the remainder of the year. Looking ahead, the relatively muted economic fundamentals in the Eurozone, coupled with the resilience of the US economy, reinforce expectations for a stronger Dollar in the medium term, especially considering the growing likelihood of the ECB cutting rates before the Fed.
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