EUR/USD rose toward 1.0900 in the first half of the day on Tuesday but lost its traction during the American trading hours.
EUR/USD retreated to the 1.0850 area following Tuesday's indecisive action. May inflation data from Germany will be watched closely by market participants. A bearish opening in Wall Street could support the USD later in the day. Early Wednesday, the pair fluctuates at around 1.0850 as investors await inflation data from Germany. The upbeat consumer sentiment data from the US helped the US Dollar find demand on Tuesday. The Conference Board's Consumer Confidence Index rose to 102.
Germany's Destatis will release the preliminary Consumer Price Index data for May later in the session. Markets expect the CPI to rise 0.2% on a monthly basis following the 0.4% increase recorded in April. A stronger-than-forecast monthly CPI print could support the Euro with the immediate reaction.European Central Bank Governing Council Member Dr. Joachim Nagel said last week that the ECB could cut rates in June but would probably have to wait until September for the next policy action.
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