The EUR/USD pair extends the decline around 1.0808 during the early European session on Friday.
EUR/USD loses traction near 1.0808 inFriday’searly Asian session. The upbeat US PMI data and theFed’shawkish comments support the Greenback. Traders raise their bets on the ECB rate cuts in June, weighing on the Euro. Therecovery of theUS Dollar broadly, backed by thestrongerUS PMIdatadrags themajorpair lower.The German Gross Domestic Product for the first quarter is due on Friday. The quarterly GDPis projectedto grow 0.2% QoQ, while the annual GDP is estimated to contract 0.2% YoY in Q1.
Atlanta Fed President Raphael Bostic saidon Thursdaythat the US central bank may need to wait longer to cut interest rates as he still sees upward inflation pressure.His hawkish remarks boost the US Dollar against the Euro . Across the pond,the growingspeculation that the European Central Bank will start cutting the interest rate before the Fed exerts some selling pressure on the EUR.
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