The EUR/USD had a good rebound during the press conference of the European Central Bank of yesterday, after President Christine Lagarde described the economy as a resilient and a little better than expected, says Chris Turner, FX analyst in ING.
Commercial discussions between the US and the EU are evolving without problems
“With inflation in the 2% target and Lagarde frequently repeating that the ECB was in a ‘good place’, the investors were naturally wondered if the central bank really needed to take the rates to a accommodating territory later this year. The two -year Swap rates in EUR rose around 5pb in the afternoon and gave an impulse of 0.5% to the EUR/USD.”
“The EUR/USD could try the maximum of 1,1830 again, although this story will help the euro in general. Here we would highlight the EUR/CHF, where a less ECBVish will be music for the ears of the Swiss National Bank and could help the EUR/CHF to correct again towards the area of 0.9400.”
“All of the above is contingent that commercial discussions between the US and the EU evolves without problems, with the automotive sector, for example, included in a possible base tariff rate of 15%.”
Source: Fx Street

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