EUR/USD is stuck in a tight range around 1.0850 in Monday’s European session, in a calm start to the week ahead of the release of inflation data on both sides of the Atlantic on Friday.
EUR/USD trades sideways around 1.0850 on a thinly traded day. The Euro strengthens as investors remain uncertain over ECB reducing rates in July too. Investors expect that the Fed will start lowering borrowing rates in the last quarter of this year. The major currency pair exhibits strength as European Central Bank policymakers avoid to commit about extending the rate-cut cycle beyond the June meeting.
This deceleration suggests that the core PCE, the Fed’s preferred inflation measure, will also have softened from its prior reading of 2.7% on a year-on-year basis. Technical Analysis: EUR/USD holds the triangle breakout EUR/USD consolidates around 1.0850 ahead of crucial inflation data for both the Eurozone and the US. The major currency pair indicates broader strength as it strongly holds the breakout from the Symmetrical Triangle chart pattern formed on a daily time frame.
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