EUR/USD to Stay in Data-Driven Range Through Q3, ING Says
ING analyst Chris Turner sees EUR/USD trading in a range into Q3, with modest post-FOMC gains capped by higher long-dated U.S. yields and slowing U.S. growth.
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EUR/USD edged higher after the latest FOMC meeting, but the upside was limited, according to ING’s Chris Turner. The analyst noted that the currency pair remains caught in a data-dependent range that is likely to persist into the third quarter.
Higher long-dated U.S. yields and growing concerns about U.S. growth are acting as a cap on euro gains, keeping the pair in a sideways pattern.
As economic data continues to drive sentiment, Turner expects the range-bound trade to hold until a clearer macro trend emerges.
Source: FXStreet Forex News