EUR/USD Rises Toward 1.1580 as Fed Hike Bets Fade
The euro traded with mild gains against the dollar in early Asian hours Wednesday after softer US inflation data reduced expectations for tighter Federal Reserve policy.
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EUR/USD held above the 1.1550 level and traded near 1.1580 during the early Asian session on Wednesday.
The US dollar softened against the euro as softer US inflation data dialed back market expectations for tighter Federal Reserve policy. With Fed hike bets fading, the greenback lost some support.
That left the pair with mild gains, with attention on whether the euro can sustain its strength above 1.1550 as markets assess the inflation reading and its implications for the Fed's rate path.
Source: FXStreet Forex News