Euro Holds Near 1.17 as ING Keeps Year-End Target

The Euro to Dollar (EUR/USD) exchange rate has been holding steady around 1.1670 after a strong late-August advance carried the pair through several resistance levels.

Currency analysts at ING remain cautious about calling a bottom in the broader Dollar decline, saying that US policy risks still weigh on the Greenback.

ING's Chris Turner notes that positioning may still have further to adjust after the Dollar's strong run earlier in the summer and that there could be room for further USD long-squeezing.

The bank's 1.18 year-end target remains unchanged, with spot already near 1.1670 and effectively within reach of the September target of 1.17.