The persistence of the negative sentiment surrounding the US Dollar (USD) spurred another positive reaction in EUR/USD, propelling it towards five-week highs above the 1.0800 hurdle on turnaround Tuesday.
EUR/USD added to gains beyond the 1.0800 barrier. The US Dollar retreated to multi-day lows on Tuesday. US Producer Prices surprised to the upside in April. The persistence of the negative sentiment surrounding the US Dollar spurred another positive reaction in EUR/USD, propelling it towards five-week highs above the 1.0800 hurdle on turnaround Tuesday.
Meanwhile, the unchanged monetary policy landscape underscores the divergence between the Federal Reserve and other G10 central banks, particularly the European Central Bank . Regarding the ECB, recent statements from policymakers have hinted at an increasing likelihood of the bank initiating its easing process in June, although uncertainties persist regarding the ECB’s future decisions beyond the summer.
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