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EUR/USD slips below summer lows as dollar strength dominates
The pair was around 1.1350, after briefly trading near 1.1310-1.1320, according to ING’s Francesco Pesole.
ING’s Francesco Pesole said EUR/USD has broken below its summer lows, trading near 1.1350 as dollar strength has driven the move.
He noted the spot rate fell to 1.1310-1.1320 before trimming some losses and returning to around 1.1350.
Pesole argued another large break lower may be limited unless the Federal Reserve hikes in October and stays hawkish, which he said could push EUR/USD toward 1.10.
He also said a big additional drop is less likely if the Fed stays on its expected path, with ING still viewing the next hike as more likely in December.
Latest closeEUR/USD 1.137 ▼0.1%