• EUR/USD struggles to find fresh bids as price action holds near 1.1150.
• Key EU inflation print due early Tuesday, investors on the lookout for looming NFP.
• Fed speakers knock back early expectations of further jumbo cuts.

EUR/USD cycled familiar territory to kick off the new trading, holding north of the 1.1100 handle but failing to find any new territory on the high end. An update on pan-EU inflation figures is due early during the Tuesday European market session, on the heels of European Central Bank (ECB) President Christine Lagarde cautioning that EU inflation is likely to dip below baseline levels before ticking back up later in the year.

Preliminary Harmonized Index of Consumer Prices (HICP) inflation from across the European continent is slated for Tuesday, with the headline HICP YoY print expected to dip to 1.9% on an annualized basis from the previous print of 2.2%. Despite the cooling in overall inflation, ECB President Lagarde noted that an uptick in October’s inflation figure can’t be ruled out as central bankers grapple with outsized expectations of rate cuts from market participants. On the US side, markets will be closely watching the lead-up to Friday’s US Nonfarm Payrolls (NFP) report for September.

Several Federal Reserve officials made announcements on Monday. Atlanta Fed President Raphael Bostic emphasized the importance of the jobs market and hinted at the possibility of further rate cuts based on economic data. Bostic specified that if the non-farm payroll (NFP) jobs report shows fewer than 100K net new jobs, it could prompt the Fed to take more aggressive action.