EUR/USD has struggled to make the most of the softer dollar environment. Economists at ING expect the pair to struggle to knock down the 0.9950 barrier.

Bear market consolidation

“The EUR/USD recovery has been pretty lacklustre and can be best described as a bear market consolidation. For reference, 0.9950 is now probably significant intra-day resistance, marking the top of this year's bear channel.”

“Look out today for another soft set of PMI releases across Europe and the eurozone. And we doubt that Thursday's 75 bps hike from the ECB will be a game-changer for EUR/USD.”