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: 2024.10.09
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EUR: Remaining vulnerable - ING
Breaking news
EUR: Remaining vulnerable - ING
New
2024.10.09 18:49
2024.10.09 18:49
2024.10.09 18:49
EUR/USD is showing no inclination to trade back above 1.10, ING's FX analyst Chris Turner notes.
Threat of higher oil prices is a large euro negative
"Normally we would argue that the prospect of fresh Chinese fiscal stimulus would be a euro positive - given the eurozone's relatively large share of exports to GDP. However, the Middle East situation and the threat of higher oil prices is a large euro negative and one which will hold the euro back this month."
"We are disappointed that the EUR/USD rally stalled at 1.12 this Autumn and instead, 1.08 seems far more probable than a retest of 1.12. We continue to flat-line our multi-quarter EUR/USD forecasts at 1.10 until the outcome of November's US presidential election is known."
"There is very little on the eurozone calendar today and while EUR/USD may press 1.10 on the back of this morning's news out of China - the Ministry of Finance will brief on fiscal policy this Saturday - we suspect sellers to emerge there."
Last updated
: 2024.10.09
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EUR/USD: Weakness likely to persist below 1.10 - Scotiabank
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2024.10.09 20:00Disclaimer:
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