- EUR/USD drops to near 1.1050 in European trading hours. The major currency pair faces severe pressure as the Euro is on the back foot on firm speculation that the European Central Bank (ECB) will cut interest rates this month. This would be the second interest rate cut by the ECB as it pivoted to policy normalization in June, with policymakers remaining confident that price pressures will return to the bank’s target of 2% in 2025.
- Market speculation for ECB interest rate cuts in September has strengthened as Eurozone price pressures have decelerated significantly and signs of a potential recession in Germany have swelled. Eurozone’s headline inflation declined to 2.2% in August due to a sharp decline in energy prices.
- The German economy contracted in the second quarter and is expected to go through a rough phase due to weak demand from domestic and overseas markets.
- Meanwhile, ECB policymakers are also comfortable with market expectations of September rate cuts. Bank of France Governor Francois Villeroy de Galhau said in French magazine Le Point on Friday that “it would be fair and wise to decide in favor of a new rate cut." Villeroy added: "Unfortunately, our growth remains too weak,” and that “the balance of risks still needs to be monitored in Europe,” Reuters reports.
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