The European Central Bank (ECB) is scheduled to announce its decision on interest rates today. In the opinion of ING economists, EUR/USD could rise towards 1.02 on the day.
A hawkish ECB hasn’t helped the euro so far this year
“The ECB has surprised with its aggressive stance throughout the year, but EUR/USD has typically ended ECB policy days lower. It seems that investors are using the liquidity provided around the ECB to unload euros.”
“Today we have a slightly softer environment and EUR/USD has firmly broken out of this year’s downtrend channel. That could point to EUR/USD risk appetite on the day towards 1.0200“.
“Yes EUR/USD turns somewhat bearish on the release, ideally now back below 0.9920/0.9950 area to get us back into the downtrend.”
Source: Fx Street
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