The US Dollar collapsed after US inflation data hinted at another delay in Fed rate cuts.
Meeting Minutes and Fed’s speakers will dominate the spotlight next week. EUR/USD lacks bullish momentum, but broad US Dollar’s weakness hints at no big slides ahead. Progress had been shallow, as the pair is up roughly 250 pips from the year low of 1.0600 posted mid-April. The Euro lacks self-strength as economic progress in the area has been relatively limited, partially due to tight monetary conditions. The pair’s rally is a good indication of the broad US Dollar’s weakness.
meeting Minutes may shed some light on it, but market players do not anticipate rate cuts in the next two meetings, according to the CME FedWatch Tool, and bets for a September decision are roughly 50%. The macroeconomic calendar also includes de Hamburg Commercial Bank's preliminary estimates of the May European Purchasing Managers Indexes , while S&P Global will release US PMIs.
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Source: FXStreetNews - 🏆 14. / 72 Read more »