The euro is down 39 pips to 1.1609 today

EURUSD daily chart

Citi discusses its expectations for this week's ECB policy meeting on Thursday.

"We expect a slightly dovish ECB Meeting, pushing back slightly against market expectations of interest rate increases or any reconsideration of sequencing ending QE ahead of hiking rates. A dovish surprise would be to hint at extending PEPP or insist on inflation being fully temporary, and a hawkish surprise would be to view inflation as persistent, to indicate the end of PEPP or to open the way to future rate hikes or changes in sequencing," Citi notes.

"Market implications will likely be limited, but in line with our bearish EURUSD view in the medium term. Going forward, we expect a formal tapering announcement at the 3 November FOMC meeting," Citi adds.

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