Euro Slips on Profit-Taking as US Dollar Rebounds Ahead of Hormuz Talks

The euro dipped lower against major currencies during Thursday's European trading session, pulling back from a seven-week high against the US dollar. Investors engaged in modest profit-taking as the US dollar recovered ahead of further developments in the Strait of Hormuz negotiations between the United States and Iran.

Global oil prices continued to decline, easing inflationary pressures on European Central Bank policymakers and reducing expectations of an ECB interest rate hike at its September meeting.

The euro slipped about 0.1% against the US dollar to $1.1546 after opening at $1.1553, reaching an intraday high of $1.1560, its highest level since June 17.