#EURUSD @ 1.04059 could trade back up to the 1.0480/1.0500 area again – ING
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The highlight of the eurozone data calendar this week will be November price figures. EUR/USD registered its highest weekly close since late June at 1.0402 and could test the 1.0480/1.0500 region, economists at ING report.
“The question is whether inflation will fall back from the highs (not far from 11% year-on-year) and allow the European Central Bank to potentially soften its hawkish rhetoric a little. Currently, the market prices a 62 bps rate hike on 15 December.”
“We cannot rule out EUR/USD trading back up to the 1.0480/1.0500 area again (though the reasons for that are far from obvious) but reiterate that the second half of the week could potentially push EUR/USD back to the 1.02 area.”
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