ING analyst Chris Turner notes that the Euro has remained resilient despite recent market pressures, with a focus on the upcoming ECB press conference. President Lagarde’s comments on the Euro’s strength and potential downside risks to inflation will be critical for EUR/USD.
Euro remains resilient despite pressures
“Today’s challenge to EUR/USD will come from today’s ECB press conference at 1445CET.”
“Comments from Lagarde, such as that the ECB is ‘monitoring exchange rates closely’ or any mention of downside risks to inflation having increased, would hit, but not bury EUR/USD.”
“Sub 1.1770 today could open up the 1.1700/1720 area, but we doubt EUR/USD needs to go much lower than that near term.”
