- EUR/USD trades sideways near 1.1030 in European trading hours after finding temporary support near 1.1000 on Thursday. The major currency pair strives to end its five-day losing streak. However, the pair could face more pressure as dismal market sentiment and the growing Middle East conflict would continue to weigh on risk-perceived assets, such as the Euro (EUR).
- Conflicts between Iran and Israel deepened after the killing of Hezbollah leader Hassan Nasrallah, in retaliation to which Tehran launched hundreds of ballistic missiles on military bases in the Tel Aviv region.
- Meanwhile, growing speculation for the European Central Bank (ECB) to cut interest rates again on October 17 has sent the Euro on the backfoot. Market expectations for ECB rate cuts have increased due to deepening Eurozone growth worries and a decline in the continent’s Harmonized Index of Consumer Prices (HICP) below the bank’s target of 2% in September.
- ECB board member Isabel Schnabel, who has remained an outspoken hawk, expressed concerns over growth risks in a speech on Wednesday. "We cannot ignore the headwinds to growth," Schnabel said. She also remained confident about inflation sustainably falling to 2% in a timely manner, with softening labor demand and further progress in disinflation.
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