The post-pandemic surge in inflation has significantly impacted economic expectations in the Eurozone, leaving companies and consumers with the sense that prices can rise quickly and settle at higher levels. According to ECB policymaker Isabel Schnabel, this inflationary "shock" has left noticeable "scars" on the economy. At the same time, there is hope for the recovery of some energy supplies lost due to the conflict in Iran, which could ease inflationary pressures. A key factor remains the less expansive monetary and fiscal policy compared to 2022. For the EUR/USD pair, these conditions create uncertainty: sustained inflationary pressure and ECB policy tightening could support the euro, while improvements in the energy situation may reduce inflation risks and limit the currency's gains. Ultimately, the market may fluctuate depending on inflation dynamics and geopolitical factors.