As the USD continues to weaken in the near term, positive European economic data could support the pair reaching new multi-month highs in the coming weeks.
After a year of rising global interest rates, interest rate markets are now starting to price in rate cuts by a range of central banks next year. The market is currently expecting the ECB to cut interest rates by about 100bps next year. With inflation in the Eurozone set to hit target levels by the end of Q1/beginning of Q2, upcoming economic data will help the market predict when the ECB will begin to loosen policy.
After a year of rising global interest rates, interest rate markets are now starting to price in rate cuts by a range of central banks next year. The market is currently expecting the ECB to cut interest rates by about 100bps next year. With inflation in the Eurozone set to hit target levels by the end of Q1/beginning of Q2, upcoming economic data will help the market predict when the ECB will begin to loosen policy.
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