The EUR/USD pair trades on a weaker note near 1.0787 on the renewed US dollar (USD) demand during the early Asian session on Monday.
EUR/USD trades in negative territory around 1.0787 on the firmer USD. The US Core PCE was up 0.3% MoM and 2.8% YoY, matching the market estimation. ECB’s Stournaras said that a total of four interest rate cuts are possible in 2024. The EUR/USD pair trades on a weaker note near 1.0787 on the renewed US dollar demand during the early Asian session on Monday. The higher-for-longer stance from the Federal Reserve provides some support to the Greenback and weighs on the EUR/USD pair.
On Friday, Fed Chairman Jerome Powell said that recent US inflation data was in line with expectations and that the Fed's goal for the interest rate this year remained unchanged. On the other hand, European Central Bank Governing Council member Yannis Stournaras said on Sunday that a total of four interest rate cuts is possible in 2024, with a total rate reduction of 100 basis points by year-end.
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