EUR/USD remains under bearish pressure. Economists at ING analyze the pair’s outlook.
EUR will likely ignore ZEW figures
EUR/USD has softened a little, which seems to be more in line with short-term interest rate differentials. At -135 bps, two-year EUR:USD swap rate differentials remain at their widest levels for the year.
We doubt a marginally better German ZEW number today will move the needle much on ECB rate cut expectations or the Euro and it looks like EUR/USD will struggle to get back above 1.0900 short term.
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