Euro backs off three-week high ahead of Lagarde's remarks

Euro declined in European trade against dollar for second straight session off three-week highs on active profit-taking, ahead of ECB President Christine Lagarde's speech later today in Portugal on the future of monetary policies. 

EUR/USD fell 0.5% on Wednesday to 1.0486, after closing down 0.6% yesterday, the first loss in three days off three-week highs at 1.0615. 

Euro fell on Tuesday as Lagarde failed to present a new viewpoint on the path forward for European interest rates. 

Lagarde

European Central Bank President Christine Lagarde is speaking later today in Portugal and might offer fresh views on the future of monetary policy in the EU.  

German Bonds

German 10-year bond yields fell 5.5% on Wednesday, pressuring euro against a basket of major rivals. 

The decline came after a spate of data that indicated the inflation might have reached its peak.