EUR/USD extends losses below 1.1750 ahead of Eurozone Consumer Confidence

• EUR/USD loses ground as the US Dollar continues its winning streak on Monday.
• The Greenback receives support as Fed Chair Powell doesn't feel the need to move quickly on rates.
• Preliminary Eurozone Consumer Confidence for September is expected at -15.4, slightly improving from the previous reading of -15.5.

EUR/USD continues its losing streak for the fourth consecutive session, trading around 1.1730 during the Asian hours on Monday. The pair depreciates as the US Dollar (USD) remains stronger after the Federal Reserve (Fed) delivered an expected rate cut last week but indicated no rush to lower borrowing costs quickly in the coming months. Traders will likely observe the Eurozone Consumer Confidence and Fedspeak later in the day.

Fed Chair Jerome Powell said during the post-meeting press conference that growing signs of weakness in the labor market to explain why officials decided it was time to cut rates after holding them steady since December amid concerns over tariff-driven inflation. Moreover, Powell also said that he doesn't feel the need to move quickly on rates and that the Fed is in a meeting-by-meeting situation regarding the outlook for interest rates. The Fed's rate projection, or the so-called "dot plot," showed a forecast of two more rate cuts this year.

The EUR/USD pair also faced challenges as the Euro (EUR) struggled, with hundreds of thousands protesting across major French cities last week, urging President Emmanuel Macron and newly appointed Prime Minister Sebastien Lecomu to abandon spending cut plans introduced by former Prime Minister François Bayrou.

European Central Bank (ECB) Governing Council member Mario Centeno said on Friday that the "next move is still likely to be a rate cut," adding that inflation cannot remain below 2% for too long, while noting that risks to inflation remain tilted to the downside.