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- EUR/USD could extend it race higher to the 1.0950 mark – ING
EUR/USD could extend it race higher to the 1.0950 mark – ING
Following Thursday's impressive rally, EUR/USD touched its highest level since April at 1.0868 early Friday. Economists at ING believe that the pair could hit 1.0950.
ECB will be happy with the stronger Euro
“The ECB’s trade-weighted Euro has now returned to levels seen last February. And actually, the year-on-year change in EUR/USD is now mildly positive. This will be welcome news to the ECB, where last summer’s 6% YoY EUR/USD decline was contributing to the inflation problem.”
“With short-dated (two-year) USD swaps drifting to new lows for the move, EUR/USD swap differentials continue to move in favour of EUR/USD. And this is a theme which we suspect will play a greater role in EUR/USD pricing over the next 12 months.”
“EUR/USD remains on course for 1.0900 and possibly 1.0950. Weekend profit-taking may pose the biggest risk to EUR/USD, but 1.0750 should now be a good near-term base.”
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