EUR/USD remains below 1.0500, traders await release of key US economic indicators
EUR/USD holds its ground ahead of US economic data releases including US PCE Price Index and quarterly GDP Annualized.
The Euro faced challenges as US President-elect Donald Trump's renewed tariff threats have dampened market sentiment.
The ECB is widely anticipated to implement a 25 basis point rate cut in December.
EUR/USD maintains its position after the recent losses registered in the previous session, trading around 1.0480 during the Asian hours on Wednesday. Traders await the US Personal Consumption Expenditure (PCE) Price Index and quarterly Gross Domestic Product Annualized scheduled to be released later in the North American session.
However, the US Dollar (USD) faces pressure amid bond market optimism following President-elect Donald Trump's decision to nominate fund manager Scott Bessent, a seasoned Wall Street veteran and fiscal conservative, as US Treasury Secretary.
The latest Federal Open Market Committee (FOMC) Meeting Minutes from the November 7 policy session showed that policymakers are taking a cautious approach to cutting interest rates. While the Federal Reserve's (Fed) key officials generally agreed that downside risks related to employment and inflation have diminished, they indicated that rate cuts are unlikely to speed up unless significant weaknesses emerge in the job market and inflationary pressures decline.
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