EUR/USD trades flat near 1.0735 amid the firmer US Dollar in Friday’s early Asian session. The political uncertainty in Europe and the ECB’s rate cuts weigh on the Euro. The US Fed signaled that it will cut its key interest rate just once by 25 bps this year. The upside of the pair might be limited amid the uncertainty surrounding European parliamentary elections.
Across the pond, the US Producer Price Index came in weaker than expected, increasing 2.2% YoY in May, compared to the 2.3% rise in April , the US Bureau of Labor Statistics reported on Thursday. Meanwhile, the core PPI figure rose 2.3% YoY in May, below the consensus and April’s reading of 2.4%. The US Initial Jobless Claims for the week ending June 6 increased by 242K from the previous week's reading of 229K, above the market consensus of 225K.