EUR: Downside risk - ING

According to analysts at ING, today’s calendar is likely to keep further EUR/USD upside limited after the euro posted the smallest gains among G10 currencies amid the US dollar's sell off in the past 24 hours.

Key Quotes

“The key event is the release of the ECB June minutes, where any hint of a possible shift in forward guidance – possibly at the late July meeting – will keep a lid on the euro. Some further pressure may also come from remarks by the ECB’s Benoit Coeure (1115 GMT) should he reiterate his recent openness to another round of quantitative easing.”

“The balance of risks for EUR/USD seems skewed to the downside and the pair may fall back below the 100-day moving average (1.1256) during the day.”