EUR/USD Forecast: Further weakness not ruled out below 1.0790

The slight downtick in the US Dollar (USD) motivated the USD Index (DXY) to keep its business around 105.80 on Tuesday, extending the consolidative mood so far this week.

EUR/USD kept the trade above the 1.0700 barrier on Tuesday. Lagarde and Powell failed to surprise markets at the ECB Forum. Investors’ attention now shifts to US data and FOMC Minutes. The slight downtick in the US Dollar motivated the USD Index to keep its business around 105.80 on Tuesday, extending the consolidative mood so far this week. This modest increase in the Greenback also prompted EUR/USD to maintain its trade in the 1.0730-1.

In contrast, market participants are still debating whether the Federal Reserve will implement one or two rate cuts this year in spite of the Fed's projection of just one cut, likely in December. The recent improvement in the US Dollar is partly due to hawkish comments from Fed officials, while the widening monetary policy gap between the Fed and other major central banks has also contributed to the euro's decline.

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