Euro: Further downside favoured against US Dollar - ING
ING’s Francesco Pesole highlights that EUR/USD has broken below 1.1600, with the bank maintaining a downside bias consistent with its constructive Dollar view.
ING analyst Francesco Pesole has noted that the EUR/USD exchange rate has fallen below 1.1600, and the bank continues to anticipate further decline in line with its optimistic stance on the US Dollar. Despite potential slowdown caused by recent hawkish European Central Bank (ECB) communication, ING expects the Euro to reach a near-term target of 1.1500.
Crucial factors for the Euro's future trajectory will be forthcoming German ZEW data and speeches from ECB officials, including Christine Lagarde. While the ECB's assessment of further rate hikes remains doubtful, geopolitical events in the Gulf region may keep policymakers cautious. The market is waiting for key central bank announcements this week, with ECB President Lagarde set to speak in Vienna and other officials expected in the coming days.
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