The EUR/USD pair clings to mild losses near 1.0765 after bouncing off the multi-week lows near 1.0720 on Wednesday.
EUR/USD trades softer around 1.0765 despite the softer US Dollar. Futures traders expect the US Fed to start easing in the June meeting. The German HICP figure rose 2.3% YoY in March, its lowest level since June 2021. The weaker US Dollar Index below the 105.00 mark provided some support to the major pair. However, the softer German inflation data on Tuesday weighs on the Euro as it has triggered the speculation of rate cuts from the European Central Bank .
German inflation eased slightly more than expected in March, the lowest in almost three years, the German statistics officeDestatisreported on Tuesday. The preliminary German Harmonized Index of Consumer Prices rose 0.6% MoM in March, slightly below the estimation of a 0.7% MoM rise. The year-on-year rate of HICP rose 2.3%, below the market consensus of 2.4%.
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