34 of 67 economists polled by Reuters said that they expect the European Central Bank (ECB) to hike the rate on the main refinancing operations by 75 basis points (bps) to 1.25% on September 8.

29 economists forecasted the bank to raise its key rate by 50 bps while four economists said they saw the ECB raising the rate by only 25 bps. 

Market reaction

The shared currency stays under modest bearish pressure heading into the American session on Tuesday. As of writing, the EUR/USD pair was posting small daily losses at 0.9920.