EUR/USD continued its uptrend for the third straight session, trading around 1.0400 during Asian hours on Tuesday (7/1). The EUR/USD pair's uptrend was attributed to a weaker US Dollar (USD). Later in the day, the US ISM Services Purchasing Managers' Index (PMI) will be released. On Wednesday, the market will focus on the Minutes of the Federal Reserve's (Fed) December policy meeting.
The US Dollar Index (DXY), which tracks the USD against a basket of six major currencies, remained under pressure for the third straight session, trading near 108.20 at the time of writing. However, the greenback may have found some support following President-elect Donald Trump's comments that his tariff policies would not be reduced.
The euro gained support from stronger European inflation data released on Monday. The German Consumer Price Index (CPI) rose to 2.6% in December, up from 2.2% in November, beating expectations of 2.4%, and marking its highest level in almost a year. This is the third consecutive monthly increase in German inflation. (AL)
Source: FXStreet
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