Euro climbs to a six-day high

<p>The US dollar is struggling today despite higher Treasury yields as dollar positioning is re-calibrated following the <a href="https://www.forexlive.com/news/japanese-yen-surge-on-ueda-remarks-the-big-story-to-start-the-new-week-20230911/" target="_blank" rel="follow">comments </a>on the weekend from Ueda. </p><p>The market isn't sure what to do ahead of a difficult ECB decision. The tone around the table is likely to be contentions with hawks and doves digging in ahead of the meeting. Current market pricing is 60% towards a hold and 40% for a 25 bps hike to 4.00%.</p><p>The rally in the euro today may reflect euro shorts heading to the sidelines rather than wanting to sweat out the Sept 14 decision. Today's % m/m drop European calendar was light, though we did see a 0.7% drop French industrial output -0.3% expected.</p>

This article was written by Adam Button at www.forexlive.com.