Euro seems vulnerable near yearly low, Fed-ECB policy is under spotlight
The Euro (EUR) trades close to its yearly low of 1.1113 against the US Dollar (USD) during the European trading session on Wednesday. The major currency pair is under pressure as heightened concerns in French bond markets and rising oil prices continue to weigh on the Euro.
The euro is struggling near its yearly low point against the US Dollar during Wednesday's European trading session. Heightened concerns in French bond markets and soaring oil prices are contributing to the currency's downward pressure. French spreads have widened, and consumer confidence hit a two-year low in October, reflecting political tensions and social unrest.
Meanwhile, oil prices have surged as Iran-backed Houthis attacked Saudi Arabia's largest oil facility, heightening fears of further energy supply risks. The Euro's vulnerability is set to be evaluated by the European Central Bank's monetary policy announcement on Thursday and preliminary German HICP data for October on Friday. Meanwhile, investors are eagerly awaiting the Federal Reserve's policy decision at 18:00 GMT.
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