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The euro sold off on a hawkish hike from the ECB this week and investors are rushing to sell the euro concluding that the ECB has now peaked at 4% for this hiking cycle. Slowing eurozone growth worries are seen to be capping ECB rate expectations and slowing UK data this week is also likely to weigh on the Bank of England decision next week.
So, it looks like the ECB have reached its peak in rates and investors will want to know whether the Fed will follow suit next week and announce a peak for US rates. All eyes are on the Fed and BoE for next week.
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