EUR/USD may find some support near the 1.0700 area – ING in the short term

Published On: September 12, 2023

Economists at ING analyze EUR/USD and EUR/JPY outlook ahead of Thursday’s European Central Bank meeting

Thursday’s ECB could see EUR/JPY briefly trade back up to the 158.50 area

We see Thursday’s ECB event risk being a temporary positive one for EUR/USD. For that reason, we suspect that EUR/USD can find some support in the short term near the 1.0700 area – even if Oil prices do push higher.

Elsewhere, we favor going lower in EUR/JPY based on recent positioning. Thursday’s ECB EUR/JPY could briefly trade up to the 158.50 area, but some excitement over a possible change in Bank of Japan interest rate policy later this year saw the 150 and 160 levels in USD/JPY and EUR/JPY prove trivial.

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