EUR/USD has found some support near 0.9920 but remains vulnerable. As reported by economists at ING, the pair will trade within a range of 0.99-1.01 this week.
Pay attention this week to natural gas prices
“Markets are now pricing in a 63 basis point ECB rate hike on September 8 – we expect 50 basis points. And markets are also pricing in 160 basis points of ECB tightening by the end of the year, which again seems too much according to our eurozone macro team.”
“Watch natural gas prices this week. Yesterday they suffered a strong correction in Europe. But the fact that Russia resumes gas flows through Nordstream 1 after three days of maintenance (starting tomorrow) will be an important engine of gas prices and also of the European currency complex this week.”
“EUR/USD should continue to offer in a range of 0.9900-1.0100 this week.”
Source: Fx Street
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