8 July | Euro | Dollar

ING expects euro-dollar currency pair to consolidate within 1.1700–1.1830 range this week

ING expects euro-dollar currency pair to consolidate within 1.1700–1.1830 range this week

Analysts at ING forecast the euro-dollar currency pair to consolidate within the range of 1.1700–1.1830 this week. However, they warn of an upside risk to 1.1900–1.1910 if Washington misjudges market sentiment. Yet, this scenario is unlikely.

ING notes that financial markets might expect the White House to announce 50% duties on European goods. Nevertheless, such rhetoric may not affect the euro’s exchange rate against the dollar for a long time, the bank emphasizes.

The EU is now discussing reductions on US tariffs, including 50% levies on steel and aluminum, 25% duties on cars, and potential tariffs on pharmaceuticals. The talks could be extended by two months, giving both sides more time to reach an agreement, Investing.com reports.

Meanwhile, Germany's upper house of parliament passing a fiscal stimulus of almost 50 billion euros ($58.7 billion) could boost domestic demand in Europe. This will have a multi-year positive impact on the euro, ING analysts say.

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