The euro gained momentum, rising above $1.172, its highest in nearly three weeks and extending a second session of gains as the dollar weakened to its lowest since late July. US inflation data fueled expectations that the Federal Reserve could cut rates in September, supporting a risk-on mood globally. In Europe, the ECB ended its easing cycle in July after eight cuts over the past year, leaving borrowing costs at their lowest since November 2022, though some see the potential for another cut before year-end. Eurozone GDP grew 0.1% in Q2, with inflation steady at 2% in July. Trade risks linger, as the EU faces 15% tariffs on many exports to the US. Geopolitically, European and Ukrainian leaders are scheduled to speak with President Trump ahead of his summit with Russian President Putin.