EUR/USD faces pressure due to the US Dollar’s outperformance in the past few weeks.
EUR/USD stays below 1.0900 as the ECB is expected to cut its borrowing rates by 25 bps on Thursday. Increasing speculation for Donald Trump’s victory in the US presidential elections has dampened the Eurozone ’s economic outlook. Fed ’s Waller advised a gradual reduction of interest rates over the next year. The US Dollar Index , which tracks the Greenback’s value against six major currencies, extends its upside to near 103.40.
With strong confidence that the ECB will cut interest rates tomorrow, investors will pay close attention to the monetary policy statement and ECB President Christine Lagarde’s press conference to get fresh cues on the interest rate outlook. The comments from Lagarde are expected to be dovish as price pressures in the Eurozone appear to be under control, and fears of an economic slowdown have grown significantly.
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