The euro rallied on Tuesday after a Reuters story that European Central Bank policymakers will discuss whether to raise interest rates by 25 or 50 points at their meeting on Thursday to tame record-high inflation.
The gains in the euro, which sent it surging away from the sub-parity levels of last week, come as falling expectations for an aggressive 100 basis point hike from the Federal Reserve later this month knocked the dollar.
Analysts are reluctant to turn bullish on the euro given the region's economic headwinds and ongoing concerns about supplies of natural gas and the hit to its economy. Traders are also biting their nails ahead of Thursday, when gas is supposed to resume flowing through the Nord Stream pipe from Russia to Germany after a shutdown for scheduled maintenance.
"The RBA board has lifted the intensity of its rhetoric," Westpac economist Bill Evans wrote in a research note. "Another 50 basis points in August seems highly likely."
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