EUR/USD to stay offered in a 1.01-1.03 trading range – ING

EUR/USD continues to trade below 1.02 at the beginning of the week. The pair is set to remain soft within a 1.01-1.03 range, analysts at ING report. I  |  08/08/2022 08:21

EUR/USD continues to trade below 1.02 at the beginning of the week. The pair is set to remain soft within a 1.01-1.03 range, analysts at ING report.

Italy's rating outlook change will not help the euro

“Rating agency Moodys shifted its rating outlook on Italy's sovereign debt from stable to negative. That has raised some eyebrows and no doubt will call the European Central Bank into further supportive action, be it through the more aggressive re-investment of the Pandemic Emergency Purchase Programme or potentially even using its new support instrument – the Transmission Protection Instrument (TPI). None of this will help the beleaguered euro. Indeed, if quiet summer markets prompt renewed interest in the carry trade, the euro will probably be one of the preferred funding currencies.”

“EUR/USD was understandably hit by Friday's strong US jobs release data and looks like it can stay offered in a 1.01-1.03 trading range.”

“EUR/CHF will be monitoring the performance of Italian bonds today and can probably edge back towards the lower end of a 0.97-0.98 range – a move that will not be unwelcome to the newly hawkish Swiss National Bank.”

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