The EUR/USD pair moves in a zigzag pattern around 1.06. ING economists analyze the pair’s prospects.
A softer profile on rates weighs
Euro zone two-year swap rates have fallen nearly 25 basis points in the past two weeks as dovish data and commentary fuel the idea that the ECB is done tightening monetary policy. Today’s data should support this idea, as the eurozone’s third quarter GDP should remain stable on a quarter-on-quarter basis and the preliminary CPI for October should continue to improve.
Unless US consumer confidence drops sharply, we doubt investors will want to chase EUR/USD through the 1.0630/1.0640 intraday resistance, especially ahead of Wednesday’s FOMC meeting.
Source: Fx Street
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