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data-url-path="/companies-markets/banking-finance/euro-falls-lowest-2022-bets-ecb-rate-cuts-surge"><div><div><div data-component="component-container" class="container px-3 md:pt-4"><div data-component="component-container" class="container px-0 mx-auto md:px-3 w-full md:w-10/12 lg:w-8/12 mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Euro falls to lowest since 2022 as bets on ECB rate cuts surge</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">The single currency fell more than 1% to US$1.0335, the weakest since November 2022</p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Fri, Nov 22, 2024 · 07:46 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/euro">euro</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center !font-poppins text-xs 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src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">The single currency fell more than 1 per cent to US$1.0335, the weakest since November 2022 PHOTO: REUTERS</div></div></li></ul></div></div></div><div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><span class="uppercase">The</span> euro fell to the lowest level in two years as traders bet the European Central Bank (ECB) will have to cut interest rates aggressively to bolster the region’s economy.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The single currency fell more than 1 per cent to US$1.0335, the weakest since November 2022 after data last Friday (Nov 22) showed that business activity in the bloc’s two biggest economies contracted more than expected. The market-implied odds of a half-point rate cut next month jumped to more than 50 per cent, from about 15 per cent on Thursday. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The euro is one of the worst-performing currencies across the Group-of-10 over the past three months as the outlook for Europe darkens. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu1" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu1" data-ad-type="imu1" data-ad-index="0" data-ad-article-id="5387766" data-ad-article-tags="euro,ecb,interest rates" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The prospect of harsh tariffs under US president-elect Donald Trump has further muddied the outlook for the region, with traders betting that the currency could extend its slide towards parity against the US dollar – something that’s only happened twice since it was launched in 1999. The premium paid in the options market to hedge against further losses is now near the highest in five months.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The euro is “under immense pressure,” said Kristoffer Kjaer Lomholt, head of FX research at Danske Bank. The PMI reports are triggering “broad based concerns for the cyclical outlook for the eurozone and by extension the easing outlook from the ECB.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The data also underlines the challenge for ECB officials, who must decide next month whether to speed up the pace of easing as Europe’s fragile economy is increasingly squeezed. It stands in sharp contrast to the US, where Trump’s promise of tax cuts have prompted markets to price in higher growth in the coming years. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-midarticlespecial" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-midarticlespecial" data-ad-type="midarticlespecial" data-ad-index="0" data-ad-article-id="5387766" data-ad-article-tags="euro,ecb,interest rates" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“These PMIs confirm the divergent growth outlooks between the US and Europe that we had in our minds before the election and after,” said Jordan Rochester, head of macro strategy at Mizuho International. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Euro-area bonds jumped as the market priced in a weaker economic outlook. Two-year German bond led gains, sending the yield down 13 basis points to 1.98 per cent, the lowest since 2022. Traders also amped up wagers on the extent of rate cuts through next year, with about 150 basis points expected.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Options suggest the common currency will extend its recent losses into year-end. Traders need to pay the widest premium in nearly five months to hedge against euro weakness.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5382624" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/banking-finance/us-dollar-buffered-trump-policy-expectations-bitcoin-surges" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/8f19e27bfee3feea321425c22fe3167af22f1d078cba1587311290382e5e9023?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/8f19e27bfee3feea321425c22fe3167af22f1d078cba1587311290382e5e9023?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/8f19e27bfee3feea321425c22fe3167af22f1d078cba1587311290382e5e9023?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/8f19e27bfee3feea321425c22fe3167af22f1d078cba1587311290382e5e9023?q=20&w=3&h=2&f=webp" loading="lazy" alt="FILE PHOTO: U.S. one-hundred dollar bills are seen in this photo illustration at a bank in Seoul August 2, 2013. REUTERS/Kim Hong-Ji/File Photo" class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5382624"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="US dollar buffered by Trump policy expectations; Bitcoin surges" href="/companies-markets/banking-finance/us-dollar-buffered-trump-policy-expectations-bitcoin-surges" target="_blank"><span class="inline-block hover:underline">US dollar buffered by Trump policy expectations; Bitcoin surges</span></a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0;margin-bottom:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div id="dfp-ad-imu2" class="ad-placeholder flex flex-col items-center justify-center" data-testid="dfp-ad-imu2" data-ad-type="imu2" data-ad-index="0" data-ad-article-id="5387766" data-ad-article-tags="euro,ecb,interest rates" data-ad-gs-channels=""></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The gauge of business activity for the euro area as a whole also shrank. Analysts had estimated no change and were particularly surprised by a steep deterioration in services with activity dropping for the first time since January. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The composite Purchasing Managers’ Index by S&P Global slid to 48.1 from 50 in October, dipping back beneath the level that separates growth from contraction.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A recent escalation in hostilities between Ukraine and Russia is also casting a long shadow over the region and adding to the uncertain outlook, said Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“Europe needs lower rates, manufacturing needs lower rates. You have these multiples factors currently weighing on Europe and that has made us quite bearish across assets,” he said. <!-- -->BLOOMBERG</p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Share with us your feedback on BT's products and services</p><div class="flex flex-wrap"><a class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] data-[size=xs]:h-[24px] 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