The Euro (EUR) is trading with a steady tone against the British Pound (GBP) on Tuesday, with the EUR/GBP cross hovering below the 0.8650 psychological mark at the start of the American session.
Euro (EUR) is likely to trade with a downward bias; any decline is unlikely to threaten the major support at 1.1630. In the longer run, outlook is mixed; for the time being, EUR is likely to trade in a range of 1.1630/1.1755, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Consensus is for 25bp cut to bring OCR to 3%. Slowing growth, weaker labour market, easing inflationary pressure and falling consumer confidence suggest that a 25bp cut is a done deal. NZD was last at 0.5917 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.