Snippet from ING on the euro, arguing that the rise for the euro is not being driven by factors associated with the single currency, leaving it vulnerable.
- The euro has still failed to show any substantial idiosyncratic bullish push
- This is hardly surprising given the still very challenging outlook for the eurozone and elevated uncertainty about the energy crisis heading into the cold months
- EUR/USD recovery is looking quite fragile, which means that any slight dollar recovery could trigger a wider correction in the pair
- We still see a high risk of a return to 0.9500 over the coming weeks
EUR has risen alongside other FX against the dollar this week, and equities, gold and more:
