# Euro: ECB rate hike bets support gains against US Dollar - Scotiabank

> Scotiabank says the euro firmed near 1.1240 as the dollar softened after the US midterms. Eurozone October CPI was confirmed at 4.0% year-on-year, and several ECB officials signaled a December rate hike is likely.

- Date: 2026-11-04 · published 2026-11-04T21:08:25.657Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/80463-euro-ecb-rate-hike-bets-support-gains-against-us-dollar-scotiabank
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer euro and a weaker dollar lower the dollar cost of US commodity exports priced in USD, a mild support for US grain and oilseed prices, while ECB tightening raises financing costs for European feed buyers.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-07-27 | [Euro: September hike outlook offers support against US Dollar – UOB](https://feedsoft.ai/events/18560-euro-september-hike-outlook-offers-support-against-us-dollar-uob.md) | +1.2% | +2.6% |
| EURUSD | 2026-08-26 | [Euro: ECB tightening outlook offers support against US Dollar - BNY](https://feedsoft.ai/events/18099-euro-ecb-tightening-outlook-offers-support-against-us-dollar-bny.md) | -0.7% | -2.4% |
| EURUSD | 2026-08-25 | [Euro gains support amid hawkish ECB expectations, subdued US Dollar](https://feedsoft.ai/events/18104-euro-gains-support-amid-hawkish-ecb-expectations-subdued-us-dollar.md) | -0.4% | -2.0% |
| EURUSD | 2022-12-15 | [Sterling falls against dollar and euro on 'dovish' UK rate hike](https://feedsoft.ai/events/38477-sterling-falls-against-dollar-and-euro-on-dovish-uk-rate-hike.md) | -0.5% | +1.5% |
| EURUSD | 2023-01-23 | [Dollar edges lower vs euro on ECB rate hike bets \| Reuters](https://feedsoft.ai/events/37999-dollar-edges-lower-vs-euro-on-ecb-rate-hike-bets-reuters.md) | +0.2% | -1.4% |
| DXY | 2026-08-26 | [Euro: ECB tightening outlook offers support against US Dollar - BNY](https://feedsoft.ai/events/18099-euro-ecb-tightening-outlook-offers-support-against-us-dollar-bny.md) | +0.4% | +1.6% |
| DXY | 2026-08-25 | [Euro gains support amid hawkish ECB expectations, subdued US Dollar](https://feedsoft.ai/events/18104-euro-gains-support-amid-hawkish-ecb-expectations-subdued-us-dollar.md) | +0.2% | +1.1% |
| DXY | 2026-07-31 | [Ringgit Gains on US Data Miss, but Fed Hike Bets Keep Dollar Supported](https://feedsoft.ai/events/18623-ringgit-gains-on-us-data-miss-but-fed-hike-bets-keep-dollar-supported.md) | -0.1% | -1.1% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/euro-ecb-rate-hike-bets-support-gains-against-us-dollar-scotiabank-202611041817

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