Another positive day in the Greenback saw EUR/USD slip back to the boundaries of the key contention region around 1.0500 on turnaround Tuesday, in a context of extra gains in the Greenback and higher US and German yields.
EUR/USD retreated further and challenged the key 1.0500 support. The US Dollar climbed to multi-day highs prior to US CPI data. The ECB is largely expected to cut its policy rate on Thursday. Meanwhile, the US Dollar extended its bull run for the third straight day, surpassing the 106.60 level when measured by the US Dollar Index . Investor caution prevailed as markets looked ahead to this week’s US CPI report and remained attentive to renewed geopolitical tensions in the Middle East.
In her latest remarks, ECB President Christine Lagarde acknowledged the downside risks to growth but maintained her neutral stance, offering little clarity on future moves. Trade policy adds a twist The potential return of trade tariffs, as proposed by President-elect Donald Trump, could add complexity to the economic landscape. Such measures might push US inflation higher, forcing the Fed to adopt a more aggressive policy stance.
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