EUR/USD extended its gains for the third consecutive day on Wednesday, hitting fresh YTD peaks near 1.1050 on the back of further bearishness surrounding the US Dollar (USD).
EUR/USD advanced to new 2024 highs around 1.1050 on Wednesday. The Dolla’s price action remained subdued post-US CPI data. Next of note will be the release of US Retail Sales on Thursday. EUR/USD extended its gains for the third consecutive day on Wednesday, hitting fresh YTD peaks near 1.1050 on the back of further bearishness surrounding the US Dollar . Meanwhile, the Greenback managed to come back after slipping back to multi-day lows in the 102.30-102.
If the Fed opts for more significant rate cuts, the policy divergence between the Fed and the ECB could narrow in the medium to long term, potentially supporting a rebound in EUR/USD, especially 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 weakness in the Greenback may be short-lived.
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