Forex
ING Euro Forecast: Dollar Weakness Keeps EUR/USD Target on Track
The Euro-Dollar exchange rate has slipped towards 1.1660 as ING sees light Euro positioning and US policy risks keeping its 1.18 year-end target in play.
Foreign exchange analysts at ING remain reluctant to call an end to the Dollar's broader retreat, retaining exchange rate forecasts for EUR/USD at 1.17 by end-September and 1.18 at year-end.
ING's Chris Turner said 'the dollar opens the week on a soft footing' and that 'most paths seem to lead to a weaker dollar', despite potential risks from Fed Chair Kevin Warsh's upcoming speech.