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26.10.2021

European session review: EUR trades mixed as investors prepare for ECB’s policy meeting

TimeCountryEventPeriodPrevious valueForecastActual
10:00United KingdomCBI retail sales volume balanceOctober111330

EUR traded mixed against its major rivals in the European session on Tuesday as investors prepared for the European Central Bank’s (ECB) monetary policy meeting, which is due on Thursday.

The single European currency rose against USD and JPY, fell against GBP, NZD and AUD,  and changed little against CAD and CHF.

It is widely expected that the ECB’s policymakers will take a dovish stance at their October gathering, maintaining downward pressure on the euro. 

Monday’s report from the Ifo, which revealed that the Business Climate indicator for Germany, the EU largest economy, fell for the fourth consecutive month in October, hitting its lowest level since April, impacted by supply bottlenecks, also continued to weigh on the euro.

In addition, investors assessed the news that Germany's economy ministry lowered its 2021 growth forecast for the country to 2.6% from 3.5% but raised the 2022 outlook to 4.1% from 3.6%.  

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