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Aug 09 - 02:55 PM

EUR/USD: On Vacation; What's Next? - ING

By eFXdata  —  Aug 09 - 01:30 PM

ING Research discusses EUR outlook and maintains a bearish bias through year-end.

"EUR/USD remains listless in the middle of a 1.0100-1.0300 range. The European data calendar is exceptionally light this week and this pair will instead be driven by geopolitical factors and US data/Fed speak. Our baseline for the remainder of this year is EUR/USD continuing to trade down near the 1.00/1.02 area," ING notes. 

"Italian politics will also prove a headwind into the September elections. Having said that, the Italian-German 10-year bond spread was quite contained yesterday, despite Friday's ratings outlook change for Italian sovereign debt by Moody's. Presumably, the ECB's flexible use of pandemic emergency purchase programme (PEPP) re-investments aims to limit the fall-out on Italian bonds for the time being," ING adds. 

Source:
ING Research/Market Commentary

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