- EUR/USD stabilizes above the round-level support of 1.1100 as investors have underpinned the Euro (EUR) against the US Dollar. The Euro performs strongly against its major peers amid expectations that the European Central Bank (ECB) will not cut its key borrowing rates aggressively.
- ECB policymakers refrained from committing to a preset course for interest rate reduction as they see inflation in the Eurozone hovering near its current levels, still above target, for the entire year. However, market participants expect that the ECB will cut interest rates again in September, with investors betting on an uncertain economic outlook as Germany, the Eurozone’s largest economy, is going through a rough phase.
- Meanwhile, slower growth in Q2 Negotiated Wage growth in Germany has provided relief to ECB officials, further bolstering optimism over rate cuts in September. The data, released by the Bundesbank – Germany's central bank – on Tuesday, showed that Negotiated Wages rose by 3.1%, half the pace seen in the first quarter of this year.
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