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According to ECBWATCH, Euro Overnight Index Average (Eonia) money market futures dated to the European Central Bank’s (ECB) September 12 meeting show 16 bps worth of rate cuts are priced in, up from 14 bps last week, as cited by Reuters.

Eurozone money markets are now pricing in a 60% chance of a 20-bps rate cut, starting to bet on a bigger move than previously anticipated, analysts predict.

The EUR/USD pair remains under pressure near multi-year lows of 1.0962 amid worsening Euro area economic outlook and Italian political risks. At the press time, the spot trades -0.15% lower at 1.0971.