EUR/USD managed to counter a poor start of the week and reverse course despite the European currency slipping back to the 1.0600 key support against the US Dollar (USD), or five-month lows.
EUR/USD managed to bounce off five-month lows near 1.0600. Fed - ECB policy divergence continues to be at the centre of the debate. The ECB is expected to cut its interest rates in June. EUR/USD managed to counter a poor start of the week and reverse course despite the European currency slipping back to the 1.0600 key support against the US Dollar , or five-month lows.
In Europe, ECB’s rate setters accentuated their conviction that a rate cut at some point in the summer should be appropriate. In fact, the ECB board member Robert Holzmann warned against premature speculation on potential rate cuts in 2024, citing differing inflation dynamics between Europe and the US. The ECB's Executive Board Member Piero Cipollone expressed expectations for a return to the 2% path next year and achieving the target by mid-2025.
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