The EUR/USD pair is trading around 1.10764, showing recovery; however, caution prevails ahead of key economic data from the Eurozone and the U.S.
Investors are waiting for the Eurozone's HICP report, which could influence the ECB's interest rate decisions, especially amidst slowing inflation in Germany and Spain.
Strong U.S. GDP growth at 3.0% reduces the likelihood of significant Federal Reserve rate cuts, highlighting the contrasting monetary policy approaches between the U.S. and Eurozone.
With inflation becoming more controlled in the Eurozone, expectations for an ECB rate cut are rising, though persistent inflation in services may limit euro declines.
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