The euro has risen to a five-month high, with European stock markets are poised for gains on Wednesday, amid hopes for an improvement in the geopolitical situation. However, concerns about the economic impact of trade restrictions remain. At the same time, the risks of recession increased expectations of of interest rate cuts by the US Federal Reserve. Markets are already lay in the forecast for a rate cut of 76 basis points over the course of the year. This circumstance puts additional pressure on the U.S. dollar and supports the growth of the EUR/USD pair. Nevertheless, after the held impulsive growth, the single European currency met resistance. Today, investors and traders will be focused on the publication of data on inflation in the US. The information may become a catalyst for the growth of volatility and determine the direction of quotes movement in the short term.