EUR/USD: Market likely to be reluctant to take a position today – Commerzbank

Tuesday's first estimate of the Eurozone purchasing managers' indices put the Euro under considerable pressure, causing it to lose almost all of Monday's gains. Economists at Commerzbank analyze EUR outlook.

Waiting for the ECB

While the US economy is booming, the Eurozone economy is showing signs of slowing down as a result of interest rate hikes. No wonder the Euro has come under pressure.

Ahead of Thursday's ECB meeting, the market is likely to be reluctant to take a position today, even though another rate hike seems highly unlikely. Today's rather second-tier US data is unlikely to change this. Therefore, we will have to wait and see for the time being.