The EUR/USD pair corrects further to near 1.0870 in Friday’s European session.
EUR/USD slumps to near 1.0870 amid multiple headwinds. ECB Villeroy sees prospects of two more rate cuts this year as appropriate. The US Dollar recovers amid speculation that Donald Trump will win the US presidential elections. The major currency pair weakened due to multiple headwinds: firm speculation that the European Central Bank will cut interest rates two times more this year and a sharp recovery in the US Dollar . On Thursday, the ECB left key rates unchanged at their current levels.
Meanwhile, ECB’s Survey of Professional Forecasters showed on Friday that price pressures will remains close to 2.4% and will return to 2.0% in 2025 as projected by ECB Lagarde in the press conference on Thursday. The agency has cut growth target for 2025 to 0.7% from prior estimates of 0.5%. On the other side of the Atlantic, the US Dollar bounces back strongly. The US Dollar Index , which tracks the Greenback’s value against six major currencies, moves higher to 104.
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