#EURUSD @ 1.07377 : Signs of recovery in China could provide the Euro with some support – ING
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Economists at ING believe that some kind of recovery in China could lift the Euro.
“We think EUR/USD is relatively cheap given the massive reversal in energy prices over the last year and that, in time, the 1.05/1.07 area will come to be seen as a summer base. Helping that proposition would be some kind of recovery in China.”
“Official May Chinese PMI figures are released later this week. A bounceback here, helping to reverse the recent run-up in USD/CNH, could provide the Euro with some support.”
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