EUR/USD extended Monday’s advance and flirted with the 1.0980 zone on turnaround Tuesday, picking up momentum on the back of the intense sell-off in the US Dollar (USD).
EUR/USD rose markedly to the vicinity of 1.0980 on Tuesday. The Dollar accelerated its losses following Producer Prices data. Economic Sentiment in Germany and the euro bloc worsened in August. EUR/USD extended Monday’s advance and flirted with the 1.0980 zone on turnaround Tuesday, picking up momentum on the back of the intense sell-off in the US Dollar . Meanwhile, extra losses saw the Greenback retreat to multi-day lows in the sub-103.
Over the weekend, FOMC Governor Michelle Bowman, typically known for her hawkish stance, adopted a more moderate tone, acknowledging welcome improvements in inflation in recent months. However, she also noted that inflation remains uncomfortably above the central bank's 2% target and is still susceptible to upward pressure.
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