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• The Euro finds resistance above 1.1600 and retreats below the 1.1580 level.
• The US Dollar ticked up from lows but maintains its broader bearish tone intact.
• Growing hopes of Fed interest rate cuts are likely to keep USD rallies limited.

EUR/USD shows moderate losses heading into the European midday, trading near 1.1585 after rejection above 1.1600 earlier on Thursday. Eurozone Consumer Confidence data has failed to surprisinvestors although market confidence that the Federal Reserve will ease its monetary policy further over the coming months is keeping US Dollar, bulls in check.

Economic data released on Wednesday revealed a larger-than-expected increase in US Durable Goods Orders and a decline in weekly Initial Jobless Claims, but that did not alter the view that the US central bank will cut rates by 25 basis points after their December meeting.

Beyond that, rumours that White House National Economic Council Director Kevin Hassett – an open dove – will replace Jerome Powell as Fed Chair after the end of his term in May, cement hopes that the bank will cut rates at least two or three more times in 2026.

Trading volumes are expected to remain subdued on Thursday, with US markets closed for the Thanksgiving bank holiday. In Europe, the minutes of the European Central Bank’s (ECB) latest monetary policy meeting might provide some guidance to the Euro (EUR).

• The Euro finds resistance above 1.1600 and retreats below the 1.1580 level.
• The US Dollar ticked up from lows but maintains its broader bearish tone intact.
• Growing hopes of Fed interest rate cuts are likely to keep USD rallies limited.

EUR/USD shows moderate losses heading into the European midday, trading near 1.1585 after rejection above 1.1600 earlier on Thursday. Eurozone Consumer Confidence data has failed to surprisinvestors although market confidence that the Federal Reserve will ease its monetary policy further over the coming months is keeping US Dollar, bulls in check.

Economic data released on Wednesday revealed a larger-than-expected increase in US Durable Goods Orders and a decline in weekly Initial Jobless Claims, but that did not alter the view that the US central bank will cut rates by 25 basis points after their December meeting.

Beyond that, rumours that White House National Economic Council Director Kevin Hassett – an open dove – will replace Jerome Powell as Fed Chair after the end of his term in May, cement hopes that the bank will cut rates at least two or three more times in 2026.

Trading volumes are expected to remain subdued on Thursday, with US markets closed for the Thanksgiving bank holiday. In Europe, the minutes of the European Central Bank’s (ECB) latest monetary policy meeting might provide some guidance to the Euro (EUR).