The EUR/USD pair trades in positive territory for the second consecutive day around 1.0850 in Monday’s early Asian session.
EUR/USD trades with mild gains near 1.0850 inMonday’searly Asian session. ThestrongerUS data and theFed’shawkish stance might lift the USD and cap thepair’supside. ECB’sCipollone said the time is right for June rate cuts as the recent data moved in the right direction. The stronger-than-expected preliminary Eurozone Purchasing Managers Index for May provides some support to the Euro .
Meanwhile, the University of Michigan Consumer Sentiment Index improved to 69.1 in May from 67.4 in April, better than the estimated 67.5. The UoM five-year inflation expectations eased to 3% from 3.1%. The ECB policymaker Piero Cipollone said on Sunday that the time is right for an interest rate cut in June as the recent data moved in the right direction.
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