I expect the EURUSD pair to remain around the current pressure until the reaction to the policy decisions of both the Federal Reserve Bank and the European Central Bank- Forex Forecast
The single European currency fell back towards its mid-month lows on Monday, in a partial unwinding of its recent rally after S&P global purchasing managers' index surveys indicated that output from the euro zone's manufacturing and service sectors fell at its fastest pace for eight months in July.
"There are no prizes for realizing that a market with large long-term European data and weak European data will need a lot of help from US data to avoid capitulating some trades," they added. All in all, the price component of Monday's reports may partly offset last Thursday's Eurostat figures containing an upward revision of the eurozone's core inflation rate from 5.4% to 5.5% in July, which seemed to complicate the ECB's task on Thursday.
Governing members are widely expected to raise the once-negative European Central Bank deposit rate to 3.75% on Thursday, but some other policymakers and economists have begun to suggest over the past week or even that another hike in September is no longer a foregone conclusion.
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