EUR/USD can still eye 1.15 around the turn of the year – ING

Market news

7 July 2023

EUR/USD can still eye 1.15 around the turn of the year – ING

Economists at ING had pointed to the third quarter as the period where the Dollar would decisively turn lower. Now in July, they see a prolonged pause in the Dollar decline.

The Dollar downtrend remains on hold

We have to acknowledge that it may still be too early for the Dollar to take a decisive and sustainable turn lower this summer.

Our rates team believes a drop in short-term USD rates now looks more likely to be a fourth-quarter and early-2024 story, which means EUR/USD could mostly bounce around the 1.08-1.10 range this summer, without a very clear sense of direction, before taking a decisive turn higher to 1.15 by year-end.

Gold Price Forecast: XAU/USD largely on the defensive going forward, but with support on the downside – HSBC

CAD typically does well in July but has struggled badly in recent years in August – SocGen

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