EUR/USD SKIDS INTO FRESH TEN-WEEK LOW, TAPS 1.09 AS ECB RATE CUT LOOMS
- EUR/USD is set to decline for a third straight week against the Greenback.
- Fiber kicked off the new trading week finding fresh lows as Euro confidence wanes.
- ECB is set to trim rates by another 25 bps this week.
EUR/USD hit a fresh ten-week low on Monday, kicking off a new trading week with renewed declines. The Euro shed one-quarter of one percent against the Greenback, knocking into the 200-day Exponential Moving Average (EMA) as USD strength parlays with a broadly weakening EUR.
The latest European Central Bank (ECB) Lending Survey results are expected early Tuesday, and investors will be looking for any hints about the overall health of the pan-European banking sector this week.
Final European Harmonized Index of Consumer Prices (HICP) inflation figures are due early Thursday, but they are unlikely to drive much volatility as markets watch the European Central Bank (ECB), which is broadly expected to trim interest rates by 25 basis points, also on Thursday.
Meaningful US data isn’t due until Thursday’s US Retail Sales, expected to accelerate to 0.3% MoM in September after August’s lackluster 0.1%.
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