Reuters Survey

The European Central Bank is widely expected to raise rates in September as headline inflation accelerates on higher energy costs. The bigger question for markets is whether the move marks the end of tightening or the start of a more restrictive phase.

The U.S. dollar remains under pressure after expanded Treasury buybacks helped pull longer-term yields lower, reducing a key source of support for the greenback. EUR/USD and GBP/USD are holding firmer as traders weigh ECB rate expectations, UK inflation, and mixed central bank signals.