Eurozone Inflation Soars Amid Iran Conflict

The European Central Bank's (ECB) upcoming meeting has heightened inflation concerns for the euro. A Reuters poll of 65 economists shows a unanimous expectation that the ECB will increase its deposit rate by 25 basis points to 2.50 percent.

This move comes as inflation in the Eurozone surged to 3.3 percent, driven primarily by high energy prices stemming from the Iran conflict.

Some analysts are now speculating that September may be just the beginning of multiple hiking cycles. Deutsche Bank has already revised its forecast to include another rate hike in December.