The Federal Reserve will announce its decision on monetary policy next week. Investors are reducing bets on rate cuts for 2024 as US data supports the Fed’s higher-for-longer case. EUR/USD in bearish corrective mode, bulls have not given up and could push the pair beyond 1.1000. The EUR/USD pair was down from its Monday opening at 1.0938 and settled at around 1.0890.
Finally, it's important to mention that the latest US macroeconomic data, suggesting a still-tight labor market coupled with a slow pace of easing inflation, has increased bets of fewer rate cuts. Market players are considering a possible revision in the dot plot, trimming the 75 basis points cuts expected to 50 bps. US rate futures have also pared back the chances of a rate cut at the June meeting to roughly 54%, according to the CME FedWatch Tool, from over 57% a week ago.
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