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EUR/USD looks weaker below 1.0900, or two-month lows
Further gains in the US Dollar now puts EUR/USD under extra pressure, sending the pair to fresh multi-week lows near 1.0860 ahead of the key ECB gathering on Thursday.
GBP/USD remains offered near 1.3000
The British pound remains on the back foot on Wednesday, hovering around the key 1.3000 region as investors continue to gauge lower-than-expected UK inflation data against the likelihood of a more aggresive easing by the BoE.
Gold fresh record highs at sight
Gold price scales higher for the second straight day on Wednesday – also marking the fourth day of a positive move in the previous five – and climbs toward the all-time-high it set at $2,685 in late September.
Why is the ECB set to cut interest rates again and what does that mean
The ECB is widely expected to cut interest rates on Thursday for the third time this year. This is a significant achievement as it suggests that the ECB, which sets monetary policy in the Eurozone, is accelerating its path towards lower interest rates after an unprecedented increase.
British inflation dips to 1.7% in September
And speaking of inflation and Europe, inflation in Britain not only fell below 2% in September but came in significantly lower than expected (1.7%y-o-y vs 1.9% expected).
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