EUR/USD trades with moderate losses, following a strong performance on the previous day. The pair is moving around 1.1420 at the time of writing, with investors focusing on the preliminary Eurozone Consumer Prices Index (CPI) numbers, due later on Tuesday.
Consumer prices are expected to have cooled in May, with the headline inflation returning to a 2% year-over-year (YoY) growth rate, from the 2.2% reading seen in April. Likewise, the core CPI is seen moderating to 2.5% from April's 2.7% reading.
These figures are likely to be welcomed by the European Central Bank (ECB), which is widely expected to cut interest rates for the eighth consecutive time on Thursday. These numbers give some margin for the central bank to take a pause in July, but ECB President Christine Lagarde will stick to her neutral tone, assuring that further decisions will depend on data.
The US Dollar, on the other hand, remains unable to show a significant recovery. US President Trump's chaotic trade policy and growing concerns about fiscal stability are acting as headwinds to the Greenback, and recent US data failed to provide any relevant support.
Source: Fxstreet
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