• EUR/USD rises as the US Dollar posts a fresh weekly low ahead of a slew of US economic data.
• The optimism over Bessent maintaining fiscal discipline keeps the US Dollar under pressure.
• ECB’s Centeno warned about the risk of price pressures remaining below the bank’s target.

EUR/USD jumps higher to near 1.0530 in Wednesday’s European session. The major currency pair strengthens as the US Dollar (USD) tumbles ahead of a string of United States (US) economic data such as the Personal Consumption Expenditure Price Index (PCE), Durable Goods Orders, and Personal Spending data for October, revised Q3 Gross Domestic Product (GDP) growth estimates, and Initial Jobless Claims data for the week ending November 22, which will be published in the North American session. 

The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, posts a fresh weekly low near 106.35. The Greenback has corrected lately after posting a fresh two-year high at around 108.00 on Friday. The correction was triggered after Scott Bessent, a veteran hedge fund manager, said that the objective of enacting tariffs will be “layered in gradually and the budget deficit will be reduced to 3% of Gross Domestic Product (GDP) by slashing spending,” a move that won’t result in high inflation than feared. The comments from Bessent came after US President-elect Donald Trump nominated him for Treasury Secretary.