Read the following news from LSEG. How the news contents is likely to affect the value of US Dollar? Explain why you think so. ECB increasingly likely to cut rates before summer break, Nagel Says FRANKFURT, March 22 (Reuters) - The European Central Bank may be in a position to cut interest rates before the summer recess, possibly in June, as inflation is on its ways back to the bank's 2% target, Bundesbank President Joachim Nagel said on Friday. The comments add Nagel to a long list of policy makers seemingly backing a cut in June and suggest the ECB will be the second major central banks after its Swiss counterpart to start unwinding a record string of rate hikes. "The probability is increasing that we will see the first rate cut before the summer break," Nagel told an MNI webcast. "If I would put it into probabilities, definitely something in June has a higher probability than in April." Markets now see 89 basis points of rate cuts, or at least three but possibly four 25 basis-point moves, with the first coming in June or July. An initial cut, however, does not imply subsequent moves as there will be no