The EUR/USD pair remains depressed for the third straight day on Monday and trades around the 1.0690-1.0685 region during the Asian session, just above its lowest level since early May.
EUR/USD struggles to attract any meaningful buyers and is undermined by a combination of factors. Political uncertainty in Europe, along with Friday’s dismal Eurozone PMIs, seems to weigh on the Euro. The Fed ’s relatively hawkish stance lifts the USD to a multi-week top and further acts as a headwind.
This might hold back the USD bulls from placing aggressive bets and help limit any further depreciating move for the EUR/USD pair. Traders might also prefer to wait for this week's release of the US Personal Consumption Expenditures Price Index data on Friday for cues about the Fed's rate-cut path. This, in turn, will play a key role in influencing the near-term USD price dynamics and provide some meaningful impetus to the EUR/USD pair.
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