In their latest client note, analysts at ING Bank offer their outlook on the EUR/USD pair, citing that there is further downside in play, in the wake of the recent downward revision to the Euro area growth forecasts by the European Commission.
Key Quotes:
“Not many reasons to be cheerful.
Euro seems unable to get any respite.
A stream of weak EZ and German activity data.
Another hit by the across the board downward revision of European Commission growth forecasts for major EZ countries.
Italy in particular … 2019 growth forecast slashed to 0.2%.
With the current mild rebound in USD under way, we continue to look for lower EUR/USD “¦ towards the 1.12 level.”
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