EUR/USD may struggle as solid US Retail Sales data reinforces the odds that the Fed may deliver nominal rate cuts.
CME FedWatch Tool suggests a 90.8% and 74.0% chance of a 25 basis point rate cuts in November and December, respectively.
The Euro depreciated as the ECB reduced its Rate on Deposit Facility to 3.25%.
The EUR/USD pair breaks its four-day losing streak, trading around 1.0840 during the Asian session on Friday. However, the US Dollar (USD) received support and reached a two-month high of 103.87 on Thursday, supported by a solid US Retail Sales report, which fueled expectations that the Federal Reserve (Fed) may implement nominal rate cuts.
According to the CME FedWatch Tool, there is a 90.8% probability of a 25 basis point rate cut in November and a 74.0% chance of another cut in December.
US Retail Sales rose by 0.4% month-over-month in September, surpassing both the 0.1% gain recorded in August and market expectations of a 0.3% increase.
US Initial Jobless Claims fell by 19,000 during the week ending October 11, the largest decline in three months. The total number of claims dropped to 241,000, significantly below the anticipated 260,000.
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