Euro fell in European trade on Wednesday away from a four-year high against the dollar, on track for the first loss in ten days on profit-taking.

The US dollar index is holding its ground above three-year lows as US job openings surged in May, with traders now awaiting more crucial US labor data.

Otherwise, recent eurozone data raised doubts about the odds of an ECB interest rate cut in July as traders ECB President Christine Lagardes remarks later today in Portugal at the Central Banks Forum.

The Price

The EUR/USD price fell 0.15% to $1.788, with a session-high at $1.1810.

The euro closed up 0.2% on Tuesday against the dollar, the ninth profit in a row, and the longest such streak of daily gains in 2025, scaling a four-year peak at $1.1830.

The Dollar

The dollar index rose 0.15% on Wednesday, holding above three-year lows at 96.38, and on track for the first profit in eight sessions on short-covering.

Recent US data showed job opportunities rose to 7.77 million by the end of May, beating estimates of 7.32 million.

The data showcases the flexibility of the US labor market ahead of new crucial private sector and government payrolls data this week.

Federal Reserve Chair Jerome Powell said the bank wouldve cut interest rates if it werent for President Trumps tariff plans.

In response to a question at the European Central Bank Forum in Portugal, he said the Fed paused its moves on interest rates when it saw the size of the tariffs, with inflation forecasts rising after their announcement.

Markets are also monitoring US President Trumps big tax bill, which passed the Senate and headed to the House, and is expected to add $3.3 trillion to total government debt.

European Rates

Eurozone consumer prices rose 2% y/y in June as expected, up from 1.9% in May.

According to a Reuters source, most ECB members now aim at holding interest rates unchanged in July, with the global markets now expecting just an additional 25 basis points of rate cuts by the end of the year.

The odds of a 0.25% ECB rate cut in July now stood below 30%, with traders awaiting more eurozone data and remarks by ECB officials to gather more clues.