EUR/USD exhibits a subdued performance as the US Dollar edges higher as investors focus on the US CPI inflation data for July. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, remains steady above 103.00.
Annual headline and core inflation is expected to have decelerated by one-tenth to 2.9% and 3.2%, respectively, with monthly figures growing by 0.2%. The inflation data will indicate whether the Fed will adopt a cautious policy-easing approach or will choose to reduce interest rates more aggressively.
According to the CME FedWatch tool, 30-day Federal Funds Futures pricing data shows that traders see a 47.5% chance that interest rates will be reduced by 50 basis points (bps) in September. The likelihood of a 50 bp rate reduction has weakened significantly from the 68% recorded a week ago.
Meanwhile, the Euro (EUR) is being guided by market speculation for European Central Bank (ECB) rate cuts amid an absence of top-tier Eurozone economic data. Still, the German and Eurozone ZEW survey data for August will be watched by investors, which will be published at 09:00 GMT.
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