EUR/USD Stuck Near July Low as ECB Tightens Monetary Policy

The European Central Bank (ECB) has shown signs of tightening its monetary policy, but this hasn't yet translated into significant gains for the EUR/USD exchange rate.

In fact, the pair is stuck near July's low, having fallen in six out of the past eight completed sessions and down around 0.4% for July.

The Euro has retreated from a monthly high near 1.1481 to within one cent of June's 1.1325 low, according to data from exchangerates.org.uk.

Both ING and Nordea expect the ECB to maintain its hawkish bias, with further interest-rate increases still likely.