EUR/USD Steady as German IFO and Fed's Waller Speech Dominate Light Calendar

EUR/USD is trading in a narrow range during Monday's session as markets face a relatively light economic calendar with limited catalysts to drive significant price action. The European session centers on the German IFO Business Climate survey, with expectations for a modest improvement to 88.3 from 87.6 prior. However, given the IFO's strong correlation with the already-released German Composite PMI, the data is unlikely to shift the broader economic or monetary policy outlook, suggesting muted market reaction. In the American session, attention turns to Federal Reserve Governor Waller's speech on the economic outlook, which traders will parse for any signals regarding the Fed's rate trajectory. With no major surprises anticipated from either event, EUR/USD is expected to remain in consolidation mode. Traders should monitor Waller's remarks closely for any hawkish or dovish deviations from recent Fed messaging, as unexpected commentary could inject short-term volatility into dollar pairs heading into mid-week trading.