Another retracement in the US Dollar (USD) prompted EUR/USD to resume its recovery and surpass the key barrier at 1.0700 the figure on turnaround Tuesday.
EUR/USD regained the 1.0700 yardstick and beyond. The Dollar remained well on the defensive on Tuesday. Firm PMIs in Euroland underpinned the EUR. Another retracement in the US Dollar prompted EUR/USD to resume its recovery and surpass the key barrier at 1.0700 the figure on turnaround Tuesday.
Conversely, the Fed is projected to make its first interest rate reduction in September, although the likelihood of a similar move in July cannot be ruled out entirely. Looking forward, the relatively subdued economic fundamentals in the Eurozone, coupled with the resilience of the US economy, reinforce expectations for a stronger Dollar in the medium term, especially considering the possibility that the ECB may begin rate cuts before the Fed.
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