- EUR/USD rises to near the key resistance of 1.1150 in European trading hours. The major currency pair holds gains as the Euro (EUR) performs strongly as European Central Bank (ECB) officials avoid committing a pre-defined interest rate cut path and prefer to decide on interest rates meeting by meeting. This occurs amid lingering concerns about economic growth in Germany and a decline in Eurozone inflation to 2.2% in August, the lowest rate in three years.
- Less dovish interest-rate guidance from ECB Governing Council member Peter Kazimir on Monday has also contributed to strength in the Euro. Kazimir pushed back market expectations for the ECB cutting interest rates in October by saying in a blog post: "We will almost surely need to wait until December for a clearer picture before making our next move," Reuters reported. “The ECB needed to be sure that incoming data confirmed its projections. Otherwise, policymakers might regret rushing to cut borrowing costs before inflation has been sustainably defeated,” he added. Also, ECB Governing Council member Gediminas Šimkus said on Tuesday that the probability of an October rate cut is very small.
- Meanwhile, the ZEW Survey – which measures sentiment from institutional investors – showed that Economic Sentiment in the Eurozone has declined significantly to 9.3 in September, the lowest since November 2023. The sentiment data was estimated to have fallen slightly to 17.6 from 17.9 in August.
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