Reuters quoted Eurozone monetary market data to signal the receding hawkish bets on the European Central Bank’s (ECB) 50 basis points (bps) rate hike in September.

“Eurozone money markets now price in roughly 44% chance of 50 bps ECB September rate hike versus 50% earlier in the week,” said the update.

The reduction in the bullish bias over the ECB’s next move could be linked to the broad fears of recession and the downbeat Treasury yields, not to forget the Eurozone crisis.

EUR/USD bulls take a breather

Following the news, EUR/USD prices retreat from the intraday high, also near the weekly top, as traders await the key inflation data from Eurozone and the US. That said, the major currency pair earlier poked the weekly high before easing from 1.0254 at the latest.