ING Research discusses EUR/USD outlook into the ECB policy meeting on Thursday, and expects President Draghi to convey a rather dovish message and tame the market’s hawkish fantasies (at least for now).
"The likely cautious tone of the ECB meeting should put a limit on the scale of EUR upside rather than driving it lower.
1. Even on the very short term valuation basis, the EUR/USD still remains modestly undervalued;
2. Solid economic growth and the recent data upside surprises have lowered the credibility of the threat for further and material QE extension," ING adds.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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