EUR/USD Surges on Hawkish Fed Comments, Rate Hike Expectations

The EUR/USD pair has gained strength to near 1.1590 in Monday's early European session, amidst hawkish remarks from Federal Reserve Chair Kevin Warsh.

Warsh signaled that further tightening may be needed to curb price pressure, fueling expectations of a September rate hike and supporting the US Dollar against the Euro.

Traders are bracing for the preliminary reading of Consumer Price Index (CPI) inflation data from Germany, which could potentially lift the shared currency in the near term.