ING: EUR/USD Early Gains at Risk on Fed Dominance
ING analyst Chris Turner notes EUR/USD held up despite higher oil prices as euro swap rates outperformed US rates on ECB hike expectations, but expects the Fed narrative to dominate and push the pair lower.
EURUSD
ING's Chris Turner highlights that EUR/USD has held up despite higher oil prices, supported by euro swap rates outperforming US rates on expectations of a September ECB rate hike.
However, Turner argues that the Federal Reserve narrative will dominate the market, with EUR/USD likely to surrender its early gains and decline.
Source: FXStreet Forex News