Euro Slides as ECB Prepares Rate Cut; Dollar Surges with Trump Election Prospects

The euro hit a two-month low amid expectations of an ECB rate cut, while the dollar reached an 11-week high as markets view potential Trump election victory as bullish. ECB's potential rate cut decision influences euro's fragility. China's property sector measures disappoint, impacting the yuan.

The euro plunged to its lowest in over two months, with investors bracing for a European Central Bank rate cut. Meanwhile, the dollar soared to an eleven-week peak, driven by market hopes of a Trump victory in the U.S. election, perceived as economically bullish by traders.

Sterling saw a slight uptick against the euro but remained weak against the dollar following underwhelming UK inflation figures. The ECB is widely anticipated to enforce a third rate cut since June, further affecting the euro's desirability according to market sentiments.

The dollar maintains its strength amid optimistic U.S. economic reports, reducing likelihood of significant Federal Reserve rate cuts. Additionally, China's efforts to stabilize its property market fell short of expectations, influencing the yuan and leaving the Chinese market unenergized.

(With inputs from agencies.)