EUR/USD recovers to 1.0840 amid the weaker US Dollar. The US ISM Services PMI eased to 51.4 in March from 52.6 in February, weaker than expected. Eurozone HICP inflation fell further than expected in March, triggering the possibility that the ECB will cut rates in June. The EUR/USD pair extends recovery and flirts with the 100-day Exponential Moving Average around 1.0840 on Thursday during the early Asian session. The sell-off in the USD Index to 104.
On the other hand, the Eurozone annual rate of inflation fell further than expected in March, triggering the possibility that the ECB will cut interest rates in June. ECB policymaker Pablo Hernandez de Cos said on Wednesday that he is not explicitly giving forecasts on future monetary policy, but recent inflation data is compatible with our mandate of an inflation objective. He added that the ECB could start cutting interest rates in June after a continued slowdown in inflation in the bloc.
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