On Thursday, it is expected that the European Central Bank will decide on the second consecutive interest rate cut - the first in 13 years.

Traders have already factored this into the market prices, so the primary focus will be on the future prospects of ECB policy. To further weaken the euro, the regulator should provide clear "dovish" signals about future actions. As of this moment, the euro has already lost 2.4% of its value in October. Meanwhile, the market expects more rate cuts in Europe next year compared to the US. This fact exerts additional pressure on the unified European currency.