The EUR/USD pair pared some gains, weakening from levels above 1.1700 to 1.1685 in early European trading on Monday (August 18th). Currency volatility remained low, with a mild risk-off sentiment ahead of the meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy, who will be accompanied by several European leaders, and whose positions on the terms of a peace deal in Ukraine appear to remain significantly different.
Media reports suggest that Trump will try to reach a quick agreement by pushing Zelenskyy to accept most of the terms Putin proposed in Alaska. This primarily involves the surrender of all Russian-occupied territory, a proposal the Ukrainian president has previously rejected and is unlikely to receive support from European leaders.
The economic calendar is empty in the Eurozone and the US on Monday, with the focus on a speech by European Central Bank President Christine Lagarde on Wednesday and, especially, a speech by Fed Chair Jerome Powell on Friday. Given the latest macroeconomic data, the risk is that Powell will be too hawkish, which could dampen expectations of a Federal Reserve (Fed) interest rate cut in September, which markets have already priced in. (alg)
Source: FXstreet
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