# Euro: Hawkish ECB cushions losses against US Dollar - ING

> EUR/USD is trying to find support around 1.1200 after a strong start to the week. ING expects a Democratic sweep in the US midterms to have limited effect on the pair. Recent ECB commentary has been hawkish, pointing to at least one more rate hike, while elevated French spreads and energy prices keep a risk premium in the euro.

- Date: 2026-11-03 · published 2026-11-03T12:08:21.425Z
- Category: macro · region Europe · magnitude low
- Page: https://feedsoft.ai/events/77528-euro-hawkish-ecb-cushions-losses-against-us-dollar-ing
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Hawkish ECB signals and persistent energy-driven inflation support the euro against the dollar, which affects the cost of dollar-priced feed imports for European buyers. Oil price moves remain the main swing factor for the currency.

## Read by commodity

- EURUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2018-11-14 | [ECB Bond-Buying Weakened Euro 12% Against Dollar, Study Finds - Bloomberg](https://feedsoft.ai/events/62237-ecb-bond-buying-weakened-euro-12-against-dollar-study-finds-bloomberg.md) | +0.9% | +0.6% |
| EURUSD | 2022-11-23 | [Euro vs US dollar: Long-term uncertainty amid interest differential](https://feedsoft.ai/events/38895-euro-vs-us-dollar-long-term-uncertainty-amid-interest-differential.md) | +0.5% | +3.1% |
| EURUSD | 2025-04-14 | ['Attentive' ECB can lean against euro rise \| Reuters](https://feedsoft.ai/events/25337-attentive-ecb-can-lean-against-euro-rise-reuters.md) | +0.6% | -0.5% |
| EURUSD | 2020-12-09 | [ECB Euro Cheat Sheet: Weak Dollar Trend Makes It More Difficult To Reverse EUR/USD Gains](https://feedsoft.ai/events/49862-ecb-euro-cheat-sheet-weak-dollar-trend-makes-it-more-difficult-to-reverse-eur.md) | +0.4% | +1.2% |
| EURUSD | 2021-09-09 | [Dollar little changed, euro steady ahead of ECB decision](https://feedsoft.ai/events/45266-dollar-little-changed-euro-steady-ahead-of-ecb-decision.md) | -0.1% | -2.3% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/euro-hawkish-ecb-cushions-losses-against-us-dollar-ing-202611030922

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.