The eurozone economy does not have a lot to shout about at the moment.
Theeurozone economydoes not have a lot to shout about at the moment. And a rebound in theChinese economy remains elusive, ING’s FX strategist Chris Turner notes. Range breakouts should be respected “Yet the prospect of the US economy and interest rates converging on the lower levels in the rest of the world is proving supportive for EUR/USD.
” “In our recent FX talking publication, we feltEUR/USD had the legs to move to 1.12. We would like to keep this bias for the time being even though the prospect of European fiscal consolidation and potentially wider sovereign spreads may reappear in September.” “We see EUR/USDsupport at 1.0985/1000 and any softer US activity data could drag it up towards 1.11. While it is tempting to say that EUR/USDwill remain in a 1.05-1.
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