Euro area GDP is next for a Euro rebounding from a new low
European Central Bank (ECB) President Lagarde said another hike in December remains likely, and EUR/USD has climbed from below its October 14 low to above Wednesday's high.
The European Union's Euro has rebounded from a new low, with the EUR/USD currency pair climbing from below its October 14 low to above $1.12 on Wednesday. Eurozone inflation data and US economic indicators, such as the Employment Cost Index and ISM services index, are expected to provide insight into the likelihood of a December rate hike by the European Central Bank (ECB).
The Euro, used by 20 European countries in the Eurozone, is the second most traded currency worldwide, with an average daily turnover of over $2.2 trillion. The ECB's mandate is to maintain price stability, primarily through interest rate adjustments. A higher interest rate compared to other countries can strengthen the Euro, while weak economic data can lead to its depreciation.
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