EUR/USD added to Friday’s retracement, surrendering nearly a cent from daily tops past the 1.1200 barrier and receding to the 1.1110 region towards the end of the NA session on Monday.
EUR/USD failed once again to extend the uptrend beyond 1.1200. The US Dollar rebounded markedly and tested two-day highs. Fed ’s Chair Powell sees an extra 50 basis points of easing this year. The marked decline in the pair came in response to an equally strong bounce in the US Dollar , which managed to reverse an initial drop to the 100.15 region when gauged by the US Dollar Index .
ECB President Christine Lagarde highlighted that the diminishing impact of restrictive monetary policy could benefit the economy, with inflation expected to return to 2% by 2025, though she maintained a cautious stance on further actions. Still around the central bank, President Christine Lagarde expressed growing confidence that inflation will return to the bank’s 2% target, a development that is expected to be reflected in the ECB's October policy decision.
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