The resurfacing downward pressure on the US Dollar (USD) on Monday triggered a marked response in EUR/USD, pushing the ongoing recovery to the 1.0730 area.
EUR/USD picked up pace and retested 1.0730 on Monday. The US Dollar sold off following Japan’s FX intervention. Germany’s flash CPI disappointed expectations in April. The resurfacing downward pressure on the US Dollar on Monday triggered a marked response in EUR/USD, pushing the ongoing recovery to the 1.0730 area.
Recent statements from ECB board members have hinted at the ECB beginning its easing cycle in June, fueling speculation about three interest rate cuts for the remainder of the year. Against this backdrop, advanced inflation figures in Germany saw the CPI rise 2.2% over the last twelve months in April, missing consensus and matching the previous month's print.
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