# EUR/USD declines to near 1.0840 on Middle East tension, Eurozone GDP data eyed

> EUR/USD fell toward 1.0840 as Middle East tensions drove risk-off trading that favored the dollar. Traders also weighed ECB comments on possible rate cuts and the timing of Eurozone GDP data. Markets were pricing about 50 bps of ECB cuts by June.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: macro · region Eurozone · magnitude low
- Page: https://feedsoft.ai/events/32343-eur-usd-declines-to-near-1-0840-on-middle-east-tension-eurozone-gdp-data-eyed
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar from geopolitical risk-off flows makes dollar-priced grain and oilseed imports more expensive for non-US buyers. The effect on commodity prices is typically modest and short-lived.

## Read by commodity

- DXY: bullish ▲
- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-05-19 | [Euro Near One-Month Low Amid Middle East Risks](https://feedsoft.ai/events/19475-euro-near-one-month-low-amid-middle-east-risks.md) | -0.2% | -0.3% |
| EURUSD | 2023-10-31 | [EUR/USD retreats on mixed EU data, ahead of Fed’s decision – Noor Trends](https://feedsoft.ai/events/33846-eur-usd-retreats-on-mixed-eu-data-ahead-of-fed-s-decision-noor-trends.md) | +1.2% | +3.3% |
| EURUSD | 2018-05-29 | [EUR/USD Now Eyeing 1.0860 Threshold as Eurozone Breakup Risk Threatens to Scupper ECB Timetable](https://feedsoft.ai/events/65217-eur-usd-now-eyeing-1-0860-threshold-as-eurozone-breakup-risk-threatens-to.md) | +0.3% | +0.2% |
| EURUSD | 2025-10-31 | [As Eurozone inflation eases, the EUR/USD trend weakens with losses around 1.1560 due to USD strength - VT Markets](https://feedsoft.ai/events/22640-as-eurozone-inflation-eases-the-eur-usd-trend-weakens-with-losses-around-1-1560.md) | -0.2% | +0.5% |
| EURUSD | 2018-08-29 | [Euro US Dollar Exchange Rate Live: EUR/USD <1.17 Handle Ahead Of Eurozone Inflation](https://feedsoft.ai/events/63737-euro-us-dollar-exchange-rate-live-eur-usd-and-lt-1-17-handle-ahead-of-eurozone.md) | -0.9% | +0.3% |
| DXY | 2024-08-28 | [Pound Sterling declines to near 1.3200 with US PCE inflation on horizon](https://feedsoft.ai/events/29070-pound-sterling-declines-to-near-1-3200-with-us-pce-inflation-on-horizon.md) | +0.5% | -0.3% |
| DXY | 2026-06-29 | [Dollar poised for best month in nearly a year; eyes on jobs data, Gulf tension \| MarketScreener](https://feedsoft.ai/events/19011-dollar-poised-for-best-month-in-nearly-a-year-eyes-on-jobs-data-gulf-tension.md) | -0.0% | -0.1% |
| DXY | 2018-05-29 | [EUR/USD Now Eyeing 1.0860 Threshold as Eurozone Breakup Risk Threatens to Scupper ECB Timetable](https://feedsoft.ai/events/65217-eur-usd-now-eyeing-1-0860-threshold-as-eurozone-breakup-risk-threatens-to.md) | +0.2% | +1.5% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/eur-usd-declines-to-near-10840-on-middle-east-tension-eurozone-gdp-data-eyed-202401290901

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.