EUR/USD traded in quite a narrow range on Tuesday, leaving behind Monday’s decline and refocusing instead on the upside once again, where recent YTD peaks around 1.1200 await.
EUR/USD regained mild upside traction and revisited the 1.1180 region. The Dollar faded the auspicious start to the week and retreated modestly. Germany’s final GDP figures came in a tad beyond expectations in Q2. This minor advanced occurred amid a slight revival of selling interest in the US Dollar . In fact, the Greenback resumed its bearish trend after Monday’s bounce off its recent 2024 lows near 100.50, as indicated by the US Dollar Index .
He stressed a cautious approach, indicating that while there could be a justification for easing policy, a final decision has not yet been made. Bottom line, if the Fed opts for additional or larger rate cuts, the policy gap between the Fed and the ECB may narrow in the medium to long term, potentially pushing EUR/USD higher, especially since markets expect the ECB to lower rates twice more this year.
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