Euro faces upside risks after broad dollar weakness pushes EUR/USD above 1.15 – ING

EUR/USD has decisively cleared the 1.15 level, reflecting a broad-based retreat in the US dollar. The move occurred despite the euro lagging some G10 counterparts, as better-than-expected Eurozone economic releases failed to translate into superior gains for the common currency.

According to Francesco Pesole of ING, the dollar’s slump is the dominant driver, with the greenback under pressure across the board. This environment leaves EUR/USD with upside risks, even as relative performance hints at some hesitation in euro strength.

The analysis notes that the euro’s underperformance against peers could be a temporary quirk, and if the broader dollar bearish trend persists, EUR/USD may extend its rally. The focus now shifts to whether upcoming data can reinforce the single currency’s momentum.