The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0765 on Monday during the early Asian trading hours.
EUR/USD extends the rally to 1.0765 amid the weaker USD on Monday. The US job growth slowed more than expected in April, boosting the odds of a September rate cut from Fed. Economists said the prospect of the ECB diverging from the Fed on rate cuts might weigh on the Euro. The softer US Dollar provides some support tothemajorpair. Traders await the HCOB Purchasing Managers’ Index data from Germany and the Eurozone, along with the Eurozone Producer Price Index, due later in the day.
This, in turn, weighs on the Greenback and creates a tailwind for the EUR/USD pair. Across the pond, the final reading of the Eurozone Services PMIis expectedto remain steady at 52.9 in April, while the Composite PMIis projectedto remain unchanged at 51.4. Furthermore, the Eurozone March PPIis estimatedat -7.7% YoY versus -8.3% in February. Eurozone inflation held steady as expected in April, triggering the case for the European Central Bank to cut interest rates in June.
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