EUR/USD declines due to increased risk aversion ahead of the ISM PMI release on Thursday.
The US Dollar recovers intraday losses as Treasury yields rebound from multi-month lows.
The downside of the Euro could be limited as the latest inflation data raised doubt on potential ECB rate cuts.
EUR/USD depreciates to near 1.0790 during the European session on Thursday. This decline is attributed to the improved US Dollar (USD) due to a recovery in US Treasury yields ahead of US key economic data including ISM Manufacturing PMI and weekly Initial Jobless Claims, both set to be released later in the North American session.
During a press conference post-interest rate decision, Federal Reserve Chair Jerome Powell stated that a rate cut in September is "on the table," while the Federal Open Market Committee (FOMC) did not want to commit to anything in the statement. Powell added that the central bank will closely monitor the labor market and remain vigilant for signs of a potential sharp downturn, per Reuters.
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