#EURUSD @ 1.07453 should easily break above 1.10, and be on track to touch 1.15 by year-end – ING
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The Dollar has been the big loser since the banking turmoil started. Economists at ING expect the EUR/USD to hit 1.15 by the end of the year.
“There is a possibility that we’ll see a scenario in line with current market conditions, where the US banking situation remains troublesome but doesn’t turn into a fully-fledged systemic crisis, and the Fed sticks to some ambiguous communication until a tighter financial environment hits the economy and forces large cuts.”
“In this scenario, further Dollar depreciation seems inevitable, and if the EU banking sector remains broadly shielded, stickier inflation in the Eurozone should force more hikes by the ECB and ultimately a contraction in the USD-EUR rate differentials.”
“Ultimately, EUR/USD should easily break above 1.10, and be on track to touch 1.15 by year-end.”
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