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Euro fell back under USD 1.18 in mid-September, hovering around its weakest level since 27 August due to growing risk aversion as rising COVID-19 infections could force some countries to resume certain restrictions.
The European Central Bank decided last week to move to a moderately lower pace in its €1.85 trillion PEPP from the €80 billion a month level it has run at since March, amid a stronger near-term outlook for prices and growth.
Still, the central bank did not announce any details about the exact end of emergency support, leaving that controversial decision for December’s meeting.
On the other hand, a smaller-than-expected rise in US inflation coupled with hawkish comments by Fed officials led to uncertainty on when the Fed would begin tapering its asset purchases.
