EUR/USD charted humble losses on Tuesday, building on Monday’s pullback against the backdrop of a generalized cautious trade in light of the interest rate decision by the Federal Reserve (Fed) on Wednesday.
EUR/USD briefly trespassed 1.0800 on Tuesday. The Dollar receded slightly amidst a flattish mood and JPY gains. Chief Powell could set the stage for a September rate cut. EUR/USD charted humble losses on Tuesday, building on Monday’s pullback against the backdrop of a generalized cautious trade in light of the interest rate decision by the Fed eral Reserve on Wednesday.
However, the US is expected to experience a soft landing, while the Eurozone's recovery is losing momentum, possibly weakening the Euro further in the medium term. On the domestic calendar, Germany’s flash Inflation Rate saw the CPI rise more than expected by 2.3% in the year to July, while the flash GDP Growth Rate in Germany surprised to the downside after the economy is now seen contracting by 0.1% QoQ and YoY.
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