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- EUR/USD unlikely to drift away from a 1.09-1.11 range this month – ING
EUR/USD unlikely to drift away from a 1.09-1.11 range this month – ING
EUR/USD dropped below the 1.10 mark. But the pair is set to remain between 1.09 and 1.11 levels, in the opinion of economists at ING.
Hard to see EUR/USD trade out of range
It appears that EUR/USD has managed to navigate the worst (barring new volatility peaks) of the US bond sell-off relatively easily, a sign that markets remain reluctant to let go of a cyclical currency like the Euro in the current market environment (despite a deteriorating outlook for the eurozone economy) and the room for a big Dollar recovery remains still narrow given markets now expect the Fed to be done with monetary tightening.
We had warned our readers that August might well have been a directionless month for EUR/USD: things can change (developments in the Russia-Ukraine conflict should be followed closely, to name one), but we have not received any strong indication so far that EUR/USD may materially drift away from a 1.09-1.11 range this month.
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