EUR/USD is stuck in a range for many long days. What’s next? Here is the view from ING:
Here is their view, courtesy of eFXnews:
ING FX Strategy Research notes that the news over the weekend about the Italian government EUR 17bn rescue package to shore up failing Veneto Banca and Banca Popolare di Vicenza should have a very limited negative impact on EUR.
“With investors well aware of this risk, the ECB floating a credible threat to do “whatever it takes” to save the euro and EUR looking meaningfully undervalued, the bar for a risk premium driven EUR decline is set very high at this stage.
ING holds a baseline view that Bund yields break higher in 3Q17, carrying EUR/USD to 1.15.
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