EUR/USD’s bullish attempt faltered ahead of 1.0700. The Dollar regained momentum on hawkish Fed speak. The ECB is seen reducing its interest rate three times this year. A marked rebound in the US Dollar motivated EUR/USD to interrupt its weekly recovery and refocus on the downside soon after hitting tops around 1.0690 earlier on Thursday.
While recognizing the necessity for rate cuts, he clarified that there are no predetermined increases, adding that if the data necessitate higher rates, the Fed may adjust accordingly. Looking ahead, 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, particularly considering the prospect of the ECB cutting rates before the Fed.
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