Moody's downgraded the US credit rating by one notch on Friday, and became the latest of the major rating agencies to take such a step, citing concerns over the country's growing debt. Following the news, the dollar declined against major currencies, but EUR/USD is still holding under the resistance zone of 1.1200-1.1270.As for tariff policy, US Treasury Secretary Scott Bessent said on Sunday that President Trump would impose tariffs in the amount he announced last month against trading partners not negotiating "in good faith". However, reports that the U.S. has begun serious trade talks with the European Union are encouraging. Donald Trump has also previously announced possible agreements with India, Japan and South Korea.Among other factors, the Euro's recovery against the US Dollar is also hampered by expectations of a rate cut from the ECB. The focus of attention of the markets today is consumer inflation in the Eurozone. The data will be known during the day.