The Euro continued its decline to $1.15, the lowest level since July, pressured by broad dollar strength as investors monitor the monetary policy direction from both the ECB and the Fed. The ECB left interest rates unchanged for a third consecutive meeting as expected and noted that the inflation outlook remains broadly stable, the economy continues to grow and the outlook remains uncertain. As in previous months, policymakers reiterated their commitment to a “data-dependent, meeting-by-meeting approach” to monetary policy. Markets largely expect no further ECB moves this year. On the data front, the Eurozone economy expanded 0.2% in Q3, surpassing expectations of 0.1%, while unemployment remained near record lows. Inflation trends were mixed, with slowing prices in Germany but rising inflation in Spain. Meanwhile, the Fed cut rates by 25bps in October as expected, but Chair Powell sounded cautious on further easing, emphasizing that a December rate cut is not a foregone conclusion.