EURUSD unlikely to climb back above parity on a sustainable basis – ING

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EURUSD has gone into a consolidation phase near 0.9950. Economists at ING do not expect the pair to regain the 1.00 level.

“In line with our view that the Dollar should recover in the near term, we don’t think EURUSD will be able to climb back above parity on a sustainable basis – even though the two risk events this week (US CPI and mid-term elections) could trigger another USD long squeeze.”

“There are not many key data releases in the eurozone this week, and most focus will be on European Central Bank speakers. But the direct impact of expected ECB policy on the euro looks set to remain rather contained.”

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