The ECB sources are out:
- ECB rate cut debate isn't over but October is seen as too soon and the next real discussion is more likely in December
The market is only pricing in an 18% chance of a December cut but that could change with low inflation or poor economic data in the interim. I wouldn't expect this report to put any downward pressure on the euro, which is near session highs and up 50 pips on the day to 1.1744.
