MUFG Research maintains its call for a final ECB hike in September.

"After attempting to break below the 1.1400-level again yesterday, EUR/USD has since risen back up to within touching distance of 1.1450 overnight. The euro has benefitted from the pullback for the US dollar after the FOMC minutes were less hawkish than feared, and the price of Brent dropping back below USD80/barrel overnight. At the same time, the euro-zone rate market has moved to price in a higher probability of further ECB rate hikes with the market leaning more towards two rather one final hike," MUFG notes.

"The hawkish repricing has been encouraged by the jump in oil prices yesterday triggered by renewed tensions in the Middle East, and hawkish comments from ECB officials. Governing Council member Joachim Nagel indicated that further hikes maybe required while expressing concern by the renewed tensions in the Middle East. At current energy price levels, we remain comfortable with our call for one final hike in September," MUFG adds.