• EUR/USD continues its winning streak as recent inflation data raises the odds of the Fed’s rate cuts in 2024.
• US Core PCE inflation rose by 2.6% YoY in May, down from 2.8% in April.
• The Euro received support as Marine Le Pen’s National Rally (RN) confirmed its status as the country’s leading political force.

EUR/USD extends its gains for the third successive day, trading around 1.0750 during the Asian hours on Monday. Speculation that the US Federal Reserve (Fed) might cut interest rates in 2024 is weighing on the US Dollar (USD), supporting the EUR/USD pair.

On Friday, the US Bureau of Economic Analysis reported that US inflation eased to its lowest annual rate in over three years. The US Personal Consumption Expenditures (PCE) Price Index increased by 2.6% year-over-year in May, down from 2.7% in April, meeting market expectations. Core PCE inflation also rose by 2.6% year-over-year in May, down from 2.8% in April, aligning with estimates.