EUR/USD retraces its recent gains, trading around 1.0870 during the European session on Tuesday. Traders are likely awaiting the release of the leading Consumer Confidence data by the European Commission (EC) later in the day, which is expected to indicate an economic downturn with an expected reading of -13.2 for July, in comparison with the previous -14.0 reading.
In an interview with Europa Press on Tuesday, European Central Bank (ECB) Vice President Luis de Guindos remarked that inflation data is almost exactly as projected. Guindos noted that September is a more suitable month for making decisions compared to July, given the current high level of uncertainty, and emphasized the need for prudence in decision-making.
Most expectations are centered around the possibility of two more cuts by the Federal Reserve (Fed), although scenarios involving one or even three cuts are still in play. Meanwhile, for the European Central Bank (ECB), there is a strong belief that there will be two more reductions in key interest rates by the end of the year.
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