According to Jinshi, Jane Foley, a foreign exchange strategist at Rabobank, said that although the European Central Bank may be cautious about future interest rate cuts at its meeting on Thursday due to high inflation in the service sector, the euro may appreciate in the short term, but its short-term gains are unlikely to continue.

Regardless of who wins the US presidential election in November, the euro is still likely to fall against the dollar in the medium term. Neither of the two US presidential candidates recognizes the need for budget consolidation, which suggests that US fiscal policy may exacerbate inflation. This may make the dollar's strength more persistent.