EUR/USD could stabilise on quiet calendars in the US and Eurozone – ING

EUR/USD is back around the 1.0800 handle. Economists at ING analyze the pair’s outlook.

Shrugging off the recession

Domestically, the news of the Eurozone entering a technical recession after the 1Q GDP revision was understandably overlooked by the market, and may well be overlooked too by an inflation-focused ECB next week.

There are no domestic drivers for the Euro today. 

We expect some consolidation around current levels in core Dollar pairs. EUR/USD could stabilise marginally below 1.0800.