EUR/USD holds below the 1.0600 mark ahead of ECB rate decision

The EUR/USD pair turns red during the early Asian session on Monday after retracing from the 1.0600 psychological round mark. Market players await the

EUR/USD loses ground around 1.0586 in the busy week of economic data. Federal Reserve Chair Jerome Powell and many Fed officials signaled that rates would be held steady at its November meeting. Market players await the European Central Bank meeting on Thursday, with the Deposit Rate likely to remain at 4.00%. Eurozone and US data ahead of the European Central Bank meeting on Thursday, with no rate change expected. The major pair currently trades around 1.0586, losing 0.07% on the day.

Powell further stated that more monetary policy tightening might be appropriate if there are more indications about above-trend growth or if the labor market stops easing. Furthermore, Atlanta Federal Reserve President Raphael Bostic said on Friday that he doesn't think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged.

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