Breaking: EUR/USD dives to its lowest level since January 2017, below mid-1.0400s

The EUR/USD pair broke down of its one-week-old trading range and slipped below mid-1.0400s, to its lowest level since January 2017 during the early part of the European session.

Despite signs that inflationary pressures in the world's biggest economy are peaking, the markets seem convinced that the Fed would tighten its monetary policy at a faster pace. This, in turn, continued acting as a tailwind for the US dollar and exerted downward pressure on the EUR/USD pair.