EUR/USD held steady after the previous session's uptick, trading around 1.0430 during Asian hours on Monday.
The pair's uptick could be attributed to the US Dollar's (USD) decline after the Personal Consumption Expenditures (PCE) Price Index data from the United States (US).
The November inflation report showed that year-on-year core PCE inflation, the Fed's preferred measure of inflation, rose steadily to 2.8%, slower than the 2.9% expected.
Monthly core inflation grew modestly by 0.1%, against the 0.2% forecast and the previous release of 0.3%.
Weaker-than-expected US inflation data has strengthened market sentiment that the Federal Reserve (Fed) will take a slower pace in cutting interest rates in 2025. According to the CME FedWatch tool, the market is now pricing in more than a 90% chance that the Federal Reserve (Fed) will leave interest rates unchanged in January, maintaining the current range of 4.25%–4.50%.
Source: FXStreet
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