EUR/USD Remains Low near 1.3530 before ECB Meets

The euro was near an 11-week low amid speculation slowing inflation will prompt the European Central Bank to reinforce its dovish stance when announcing an interest-rate decision today.

Overnight implied volatility on Europe’s common currency rose toward the highest since 2012. The yen weakened against peers as Japanese stocks advanced, sapping demand for haven assets. The Australian dollar rose to a three-week high after record exports to China fueled an unexpected trade surplus.

“The upside is limited for the euro,” said Yujiro Goto, a London-based senior currency strategist at Nomura International Plc. “Even if there’s no rate cut this time, the ECB will still have to reinforce its accommodative stance.”


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.