- As rate cut hopes persist, EUR/USD recovers from a near-term swing low near 1.0670.
- Investors shrug off cautious Fed tones to bet on September rate cut.
- EU economic data thin this week with mid-tier events, Friday’s global PMIs loom.
EUR/USD recovered to 1.0740 on Monday as market sentiment shifts back into rate cut hopes to kick off the new trading week, with investors shrugging off cautionary statements from Federal Reserve (Fed) officials that warned rate cuts may not materialize at a pace investors are happy with. US data will dominate financial headlines with Retail Sales slated for Tuesday, leaving markets shuffling in place until Friday’s global Purchasing Managers Index (PMI) figures update.
Pan-European economic figures are limited to mid-tier prints this week, leaving markets to focus on Tuesday’s upcoming US Retail Sales print. In May, US Retail Sales are expected to increase to 0.2% month-over-month after remaining flat at 0.0% in the previous month. Core Retail Sales, excluding automobile sales, are also anticipated to remain steady at 0.2%.
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