Euro Dives Below $1.1600 as Dollar Rebound Cools

The euro has slipped below $1.1600 against the US dollar as the greenback's recent selling pressure eased, pulling the pair back from its highest levels in over a month.

This reversal in dollar sentiment comes after a period of sustained weakness driven by expectations that the Federal Reserve may be nearing the end of its rate-hiking cycle.

Meanwhile, the euro's decline reflects a mix of profit-taking and lingering concerns over the eurozone's economic outlook, with recent data showing a slowdown in manufacturing activity and inflation remaining above the European Central Bank's target.