EUR/USD is approaching tomorrow’s US-Russia summit with good momentum, and the choice market doesn’t appear to be pricing in main volatility threat, ING’s FX analyst Francesco Pesole notes.
EUR/USD might stabilise round 1.170 for at the moment
“At present, the eurozone calendar contains the second 2Q GDP launch. The superior print was 0.1% QoQ, though markets gave it restricted weight given the heavy tariff distortion. Eurozone industrial manufacturing figures for June are additionally printed at the moment: expectations are for a mushy print after Germany reported a shock -3.6% YoY determine.”
“One-week EUR/USD implied volatility is on the backside of its latest vary and consistent with historic volatility. EUR/USD might stabilise round 1.170 for at the moment, with a stability of dangers nonetheless skewed to the upside.”
