Euro Dips on ECB Rate Cut Speculation Amid Mixed Global Market Moves

The euro hit an 11-week low as the European Central Bank approaches its first consecutive rate cut in 13 years. European markets edged up, overshadowing Asian declines tied to China's muted housing policy update. Diverging stock performances highlighted global economic and monetary tensions.

The euro found itself at an 11-week low on Thursday, weighed down by expectations of a rate cut by the European Central Bank (ECB). European shares managed to inch up slightly, juxtaposing gains witnessed on Wall Street and declines in Asia.

Anticipation swirls around the ECB's decision, marking the first consecutive rate cut in 13 years, with markets eyeing another cut in December. Investors are keenly watching the press conference for any guiding remarks from ECB President Christine Lagarde, even as some analysts find her statements less than clear.

Meanwhile, European and global market reactions are mixed, with updates from major firms like ASML and LVMH disappointing, while others like TSMC exceeded expectations, helping Nasdaq futures gain 0.6%. In Asia, China's housing policy announcements left investors unimpressed, impacting real estate stocks.

(With inputs from agencies.)