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ECB board member Isabel Schnabel spoke on Wednesday, not so dovishly:

• mostly points to a 25 bps rate cut more than anything else as she dismissed the likelihood of moving faster by saying she would prefer something more "gradual"

More here too:

• clearly pushing back against the aggressive rate cuts expectations

HSBC's take is similar, noting Schnabel prefers a gradual approach to interest-rate cuts.

HSBC go on:

• "While we think the ECB will cut by 25bp in December, providing near-term support to the euro, rising unemployment indicators pose a bigger risk for 2025"

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HSBC forecasts EUR/USD to 0.99 by the end of 2025.