EUR/USD buyers took a break last week, leaving the weakened US Dollar some room to marginally advance.
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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