EUR/USD steadies as central banks' contrasting stances
The DXY, which measures a basket of American currency against six others, is almost unchanged at 104.29. The fall of US Treasury bond yields kept the EUR/USD from diving below 1.0800, which could have opened the door for further losses.
In the meantime, ECB policymakers had turned dovish. On Tuesday, ECB official Yannis Stoumaras stated that there is a growing consensus for a June rate cut, while Madis Muller echoed some of his comments, indicating that the ECB is nearing the stage where it can lower rates.
ECB Chief Economist Philip Lane said on Tuesday that wage inflation—a metric the ECB is following very closely to inform its policy—was “on track” to return to normal levels.
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