EURUSD STRUGGLES AT OVER TWO MONTH LOW AS ECB STAYS POISED FOR YET ANOTHER RATE CUT

Published on Oct 17, 2024 15:00

Euro is struggling at its lowest level in over two months against the dollar on Thursday ahead of ECB monetary policy outcome to be delivered later in the day. EURUSD has been on a relentless decline since the start of the month amid rising expectations of interest rate cuts by the major central bank. The European central bank is seen likely set to lower interest rates for the third time this year citing easing inflation levels in the area. The Eurozone Harmonized Index of Consumer Prices (HICP) has decelerated to 1.7% in September, faster than expectations and the preliminary estimate of 1.8%. Currently the EURUSD pair is quoting at $1.0880, down marginally on the day and lower by 2.5% since the start of the month. Meanwhile, a firm greenback across the Atlantic holding well above 103 mark against a basket of currencies is further adding pressure on the single common currency.