The US Dollar (USD) started the week on the back foot, easing some ground following the strong rebound in the second half of last week.
EUR/USD regains some upside traction after recent sharp losses. The US Dollar faced some renewed selling interest. Investors continue to see the Fed cutting rates twice this year. The US Dollar started the week on the back foot, easing some ground following the strong rebound in the second half of last week. It is worth noting that this rebound was supported by the expectation that the Fed eral Reserve will implement just one interest rate cut this year.
However, in the longer term, the emerging economic recovery in the Eurozone, coupled with perceived slowdowns in the US economy, should help mitigate this disparity, providing some support to the pair. Back at the ECB, Chief Economist Philip Lane stated that the full impact of earlier ECB rate rises on eurozone inflation has yet to be realised. He also stated that the present upheaval in eurozone bond markets, notably in France, is not chaotic, implying that ECB action is unnecessary.
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