EUR/USD paused its multi-week upward momentum and faced some downward pressure after reaching fresh highs just above 1.1200 at the beginning of the week.
EUR/USD revisited once again the area of YTD peaks around 1.1200. The Dollar staged a lacklustre bounce following Powell-led sharp pullback. Business Climate in Germany eased slightly to 86.6 in August. This small corrective move occurred amidst a tepid resurgence of buying interest in the US Dollar . That said, the Greenback bounced back from its recent 2024 lows near 100.50 , as reflected by the US Dollar Index .
Meanwhile, ECB Chief Economist Philip Lane struck a more cautious tone compared to the Fed, remarking that the central bank is making good progress in bringing inflation down to its 2% target but may still require a restrictive monetary policy. In addition to the ECB's attention, a new poll released last Thursday showed a steep slowdown in the increase of negotiated pay during the second quarter, a critical component in anticipating future inflationary pressures.
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