EUR/USD extended its gains for a second consecutive day at the beginning of the week, reaching new 2024 highs around 1.1080, driven by the incessant weakness in the US Dollar (USD).
EUR/USD advanced to new 2024 tops around 1.1080 on Monday. The Dollar weakened further and dropped to multi-month lows. EMU’s final Inflation Rate comes next, ahead of the FOMC Minutes. EUR/USD extended its gains for a second consecutive day at the beginning of the week, reaching new 2024 highs around 1.1080, driven by the incessant weakness in the US Dollar . On the latter, the Greenback accelerated its retracement and broke below the key 102.
Should the Fed opt for larger rate cuts, the policy gap between the Fed and the ECB could narrow in the medium to long term, potentially supporting a further rise in EUR/USD, particularly as market participants anticipate two more rate cuts by the ECB this year. However, in the long run, the US economy is expected to outperform Europe, suggesting that any sustained weakness in the Greenback might be short-lived.
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