The EUR/USD pair sees more downside below the immediate support of 1.0620 in Monday’s early American session.
EUR/USD is expected to witness more downside as the appeal for the US Dollar strengthens. Fed Daly said there is absolutely no urgency for the Fed to pivot to rate cuts. The ECB is expected to begin reducing interest rates from the June meeting. The major currency pair weakens as robust spending by United States households at retail stores in March has improved the US Dollar’s appeal. The US Census Bureau reported that monthly Retail Sales grew strongly by 0.7% from expectations of 0.3%.
In Monday’s early New York session, New York President John Williams said he is more optimistic about potential growth but see rate cuts starting later this year. On the Eurozone front, European Central Bank policymaker Peter Kazimir see possibility of rate cuts starting from the June meeting if inflation continues to fall. For the longer-term outlook, Kazmir said the ECB is not committed to any policy path beyond June, noting that they must maintain flexibility.
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