EUR/USD edges lower to near 1.1750 as Trump rejects new Iran peace offer
The EUR/USD pair loses momentum to around 1.1765 during the early Asian session on Monday. The Euro (EUR) softens against the US Dollar (USD) amid a cautious mood after US President Donald Trump and Iran rejected each other’s latest peace proposals to end the war in the Middle East.
Bloomberg reported on Sunday that Trump rejected a new Iran peace offer, calling it “totally unacceptable.” An Iranian official said the response focused on ending the war on all fronts, especially Lebanon, and on the safety of shipping through the strait, Iranian state TV said, without indicating how or when the vital waterway might reopen.
A prolonged conflict in the Middle East and a fragile ceasefire between the US and Iran could boost a safe-haven currency such as the Greenback and create a headwind for the major pair in the near term.
Data released by the Bureau of Labor Statistics on Friday showed that the Nonfarm Payrolls (NFP) rose by 115K in April, compared to 185K recorded in March, but better than the 62K forecast. Meanwhile, the Unemployment Rate held at 4.3% in April, in line with the market consensus.
Across the pond, the hawkish tone of the European Central Bank (ECB) could provide some support to the shared currency. Financial markets are now pricing in a 92% probability of a 25 basis point (bps) hike at the June meeting, with a total of three hikes anticipated by the end of 2026, according to Reuters.
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