A rate hike has been announced, a rate hike is priced in, and so a rate hike alone is unlikely to move the Euro much.

If the ECB were to pave the way for an interest rate pause as early as today, this would likely weigh heavily on the Euro, especially after yesterday's Fed decision. However, the disappointment for the Euro should be limited by the fact that stubbornly high core inflation leaves no room for monetary easing for the time being, according to our experts.