- EUR/USD gains ground due to improved market sentiment amid easing geopolitical tensions.
- US Air Force General told that concerns about an imminent broader conflict in the Middle East have diminished.
- Traders await the German GfK Consumer Confidence Survey and Gross Domestic Product data, which are scheduled for release on Tuesday.
EUR/USD recovers its recent losses from the previous session, trading around 1.1170 during the Asian hours on Tuesday. The market optimism prevails after concluding a three-day trip to the Middle East, US Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, told Reuters early Tuesday that concerns about an imminent broader conflict in the region have diminished.
An exchange of fire between Israel and Lebanon's Hezbollah did not escalate further. However, Hamas has rejected new conditions proposed by Israel in ceasefire negotiations in Egypt, insisting that Israel adhere to the terms outlined by US President Joe Biden and the UN Security Council.
On the Fedspeak front, San Francisco Federal Reserve President Mary Daly stated on Monday in an interview with Bloomberg TV that "the time is upon us" to begin cutting interest rates, likely starting with a quarter-percentage point reduction. Daly suggested that if inflation continues to slow gradually and the labor market maintains a "steady, sustainable" pace of job growth, it would be reasonable to "adjust policy at the regular, normal cadence."
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