The president of the European Central Bank, Christine Lagarde, maintained a strictly neutral tone in her speech before the EU Parliament yesterday, says Francesco Pesole, FX analyst in ING.
The following important support is the 200 in 1,0725
“It is difficult to ask for something different from a strict dependence on the data at a time when the uncertainty about the impact of tariffs is combined with uncertainty about implications of the fiscal stimulus. In other words, they do not wait for any ECB guide before the data has already established the address for the euro.”
“At the moment, the decomposition of the EUR/USD rally coincides with our forecast, even if perhaps a little earlier than we would have thought. Again, the risk of noise is high, but our preference in terms of directions to several weeks remains downward for the torque. A 2 -year SWAP rate differential around the current -150PB would continue to be consistent with a EUR/USD in 1.07.”
“We also have a light calendar today in the Eurozone and no speaker of the ECB. The following important support for the EUR/USD is probably the 200 -day mobile average in 1,0725, which is now the key reference point for a return to a bullish mood over the dollar.”
Source: Fx Street
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