The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.0800 mark, or a three-week low and oscillates in a narrow range during the Asian session on Tuesday.
EUR/USD oscillates in a narrow range and is influenced by a combination of diverging forces. The Fed’s projected three rate cuts in 2024 undermine the USD and lend support to the pair. Rising bets for a June ECB rate cut keep the Euro bulls on the defensive and act as a headwind. The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.0800 mark, or a three-week low and oscillates in a narrow range during the Asian session on Tuesday.
In fact, Bank of Italy Governor Fabio Panetta said on Monday that the ECB is moving towards an interest rate cut as inflation is falling rapidly and approaching the 2% target. Separately, ECB chief economist Philip Lane noted that the central bank can consider reversing interest rates once it becomes more confident that wage growth is slowing and inflation is heading back to the 2% target as projected. This further contributes to capping the upside for the EUR/USD pair.
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