FXStreet reports that economists at Société Générale note, since the market shifts its attention to the ECB meeting on Thursday, ‘buy the rumour, sell the fact’ is an apt strategy that springs to mind.

“Discussions are certain to take place, but is there unanimity or consensus to move forwards and rest purchases to EUR10 B - EUR15 B per week from October? If there is not, last week’s price action will turn out to have been a head fake, causing investors to reverse steepening trades in EGBs and swaps and take profits in EUR/USD.”

“A hawkish message could nudge swaps back above zero and EUR/USD closer to the next resistance at 1.1910.”