US Greenback (USD) issues are protecting EUR/USD bid, ING’s FX analyst Chris Turner notes.
Above 1.1425, EUR to run as much as 1.1500
“This even though the European Central Financial institution will very doubtless be reducing charges on Thursday, and this week’s inflation knowledge within the eurozone ought to are available in on the tender aspect. Right here, the flash Could eurozone CPI is launched tomorrow, the place core is predicted to drop again to 2.5% year-on-year.”
“Additionally on Thursday shall be a gathering of NATO defence ministers in Brussels. The European representatives ought to be higher ready for additional excoriating remarks from the US, and will refocus market consideration on the deliberate large pick-up in defence spending. Moreover, some additional color on German fiscal growth in late June must also show euro supportive.”
“EUR/USD has some intra-day resistance at 1.1425, above which a short-term run-up to 1.1500 beckons.”
