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May 18 - 02:55 PM

EUR/USD: Upside Room Starting To Shrink - ING

By eFXdata  —  May 18 - 01:30 PM

ING Research discusses EUR/USD outlook and sees a limited scope for further rally in the near-term.

"Our view on the limited downside risk for the dollar beyond the very short term obviously implies that the room for appreciation in EUR/USD should also start to shrink soon. We also believe that markets are pricing in too much tightening by the ECB – though not by the Fed – and expect the theme of growth divergence (exacerbated by the EU-Russia standoff on commodities) to become more relevant into the summer," ING notes. 

"With this in mind, we suspect that any further rally in EUR/USD may start to lose steam around the 1.0650-1.0700 area, with risks of a return below 1.0500 in the near term being quite material," ING adds. 

Source:
ING Research/Market Commentary

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