Providing the euro a little support this week has been even more hawkish commentary from the European Central Bank. Economists at ING expect the EUR/USD pair to drift back through 1.0450/60 to 1.0400.

April ECB minutes might emphasise the more hawkish elements

“For today, look out for the minutes of the April ECB meeting, where again it might choose to emphasise the more hawkish elements.”

“EUR/USD has had its oversold bounce to 1.0550 and with the global environment remaining challenged, EUR/USD could today drift back through 1.0450/60 to 1.0400.”