EUR/USD extends recovery as soft US inflation data keeps US Dollar on backfoot

  • EUR/USD moves higher to near 1.1250 during European trading hours on Wednesday, extending Tuesday's gains. The major currency pair has attracted significant bids at the expense of the US Dollar (USD), with the US Dollar Index (DXY) – which gauges the Greenback's value against six major currencies – extending its retracement from the monthly high of 102.00 to around 100.50.