Euro hovers near two-week trough ahead of Lagarde's remarks
2023-12-04 08:17AM UTC

Euro fell in European trade on Monday against a basket of major rivals, extending losses for the fourth straight session against the dollar and almost touching two-week lows amid prospects of an early interest rate cut in Europe. 


To re-evaluate such prospects, investors now await remarks from European Central Bank President Christine Lagarde about the future of monetary policy and interest rate in the euro zone.




EUR/USD fell 0.2% to 1.0853, with a session-high at 1.0895, after losing 0.1% on Friday, the third loss in a row, hitting a two-week trough at 1.0829 under pressure from European consumer prices. 


EUR/USD lost 0.5% last week, the first weekly loss in three weeks on profit-taking away from a three-month high at 1.1017. 


European Inflation


European consumer prices rose 2.4% y/y in November, nearing the 2% target and reducing pressures on ECB policymakers. 


The data bolstered the cause for ending the current cycle of ECB policy tightening and prepare for an early interest rate cut in 2024. 


Goldman Sachs said it expects the ECB to cut interest rates in the second quarter of 2024. 




ECB President Christine Lagarde will speak later today in Paris on policies and interest rates, and will likely comment on recent solid inflation data. 

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