While the US economy is booming, the Eurozone economy is showing signs of slowing down as a result of interest rate hikes. No wonder the Euro has come under pressure.

Ahead of Thursday's ECB meeting, the market is likely to be reluctant to take a position today, even though another rate hike seems highly unlikely. Today's rather second-tier US data is unlikely to change this. Therefore, we will have to wait and see for the time being.