EUR/USD rebounds from five-month lows despite hawkish tone surrounding the Fed’s monetary policy outlook. ECB member Gediminas Šimkus indicated that there is a probability of more than 50% for more than three rate cuts to occur in 2024. Traders may seek refuge in the safe-haven US Dollar due to escalated tensions in the Middle East. EUR/USD rebounds from a five-month low of 1.0622 reachedlast Friday, hovering around 1.0660 during early European trading hours on Monday.
Traders adopt a cautious approach amidst heightened geopolitical tensions, which may prompt them to seek refuge in the safe-haven US Dollar , potentially putting pressure on the EUR/USD pair. There's the possibility of Israel retaliating against Iran's attack. On Saturday, Iran launched explosive drones and missiles targeting military installations in Israel. Israel successfully intercepted most of the incoming projectiles, according to Reuters.
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