EUR: Narrower rate spreads, but tariff threat dominates – ING
EUR/USD remains fragile as US rates remain relatively firm, higher US Treasury yields undermine risk conditions and US tariff threats loom large, ING FX analyst Chris Turner notes.
More EUR/USD consolidation on a quieter day
“EUR:USD two-year swap rate differentials are actually narrowing a little in favour of the EUR/USD, but this week has proved that any EUR/USD gains can quickly be wiped out by the US trade story.”
“German November industrial production has come in a little better than expected today but is unlikely to move the needle for EUR/USD. Equally, a bounce back in eurozone November retail sales (11CET today) will not help much either.”
“Look for some more EUR/USD consolidation on what should be a quieter day. 1.0290-1.0330 may well be the extent of the EUR/US range.”
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