- EUR/USD reclaims a seven-month high of slightly above 1.1000 in Wednesday’s European session. The major currency pair is upbeat due to the outperformance of the Euro (EUR) against its major peers. The Euro performs strongly on expectations that the European Central Bank (ECB) will cut its key borrowing rates further, although in a gradual manner.
- The ECB started its policy-easing cycle in June after officials gained confidence that price pressures will return to bank’s target of 2% in 2025. However, policymakers continued to refrain from committing a pre-defined interest-rate cut approach as they worry that an aggressive expansionary monetary policy stance could re-accelerate inflation again.
- A Reuters poll carried out between August 8-13 showed that over 80% of respondents expect the ECB to cut interest rates two more times this year, one in September and the other in December.
- On the economic front, investors await the revised estimates of flash Q2 Gross Domestic Product (GDP) and Employment Change data for the Eurozone, which will be published at 09:00 GMT. The Eurozone economy is anticipated to have expanded by 0.3%, in line with flash figures and the growth rate recorded in the first quarter of this year. Meanwhile, the Employment Change, a percentage measure that shows an increase in fresh payrolls, is seen rising at a slower pace of 0.2% from the prior release of 0.3%.
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