• EUR/USD shed nearly half of a percent to open another trading week.
• Markets pivoted back into the Greenback on renewed skepticism on the pace of rate cuts.
• Heavy appearances from central bank member due throughout the week.

EUR/USD fumbled on Monday, kicking off a new trading week with a downside push as price action waffled back into familiar 12-week lows just above the 1.0800 handle. Markets remain apprehensive on the future pace of rate cuts, specifically from the Federal Reserve (Fed), and Purchasing Managers Index (PMI) activity figures due later in the week will give investors a glimpse at the shape of the global economy in the coming weeks.

European Central Bank (ECB) President Christine Lagarde is slated to make several appearances this week. The ECB head’s key public outing will be on Wednesday when ECB President Lagarde will speak on Europe’s current financial challenges at the Atlantic Council in Washington DC.

Global PMI figures are due for a rolling release on Thursday. Markets have high expectations for pan-EU PMI survey results, with median market forecasts calling for a slight uptick in October’s EU Services PMI to 51.6 from September’s 51.4.