The EUR/USD pair holds above the 1.0700 psychological barrier during the early Asian session on Wednesday.
EUR/USD hovers around 1.0700 on Wednesday amid the weaker US Dollar. The Eurozone flash PMI showed the economy gained recovery momentum in April. S&P Global suggested US business activity continue to expand in April, albeit at a softer pace than in March. The weaker-than-expected US PMI data for April drags the Greenback lower and creates a tailwind for EUR/USD.
The ECB policymakers emphasized the need to cut interest rates multiple times this year, even though elevated US inflation delays a pivot to looser policy by the US Federal Reserve and tensions in the Middle East keep oil prices high. The ECB PresidentChristine Lagardesuggested that the central bank may cut its deposit rate from a record-high 4% inJune,but has kept its options open for further action.
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