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- EUR/USD: Markets unlikely to chase rallies beyond 1.0600/1.0630 – ING
EUR/USD: Markets unlikely to chase rallies beyond 1.0600/1.0630 – ING
Economists at ING anlayze EUR/USD outlook ahead of today’s ECB meeting.
Room for a hawkish surprise
The ECB announces policy today, and we expect both a hold and an attempt to divert the focus away from rate-based guidance to non-rate monetary policy discussions.
There is some room for a hawkish surprise, but we would have some doubts – given the rate and growth differentials – that markets will have the appetite to chase EUR/USD rallies beyond 1.060/1.0630 for much longer after the ECB announcement.
All in all, we don’t think this will be a game-changing event for EUR/USD.
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