EUR/USD set to consolidate in a 1.1000-1.1120 range over the coming days – ING

EUR/USD is moving sideways in a tight range near 1.1050. Economists at ING think the world’s most popular currency pair can stabilise within a 1.10-1.1120 range over the coming days.

Focus on sanctions

“It still seems that the EU is some way from weaning itself off Russian oil. Presumably, any moves from the EU toward a Russian oil embargo would see crude prices spike higher again and the euro come under pressure via the Terms of Trade channel – plus the physical risks of rationing energy in the European industrial sector.”

“EUR/USD can probably consolidate in a 1.1000-1.1120 range over the coming days.”