The Euro is facing pressure this week due to dovish signals from major European central banks and concerns about fiscal and political developments in the EU, according to Francesco Pesole, FX Strategist at ING. Despite favorable activity indicators, the Euro may still experience some downward pressure in the coming days.
Today, ECB members Gediminas Simkus and Joachim Nagel are expected to make comments on the current turmoil in EU bond markets, which could impact the market. Additionally, the release of PMIs will provide insight into whether political uncertainty in France has affected business sentiment.
ING forecasts that the EUR/USD pair may trade lower leading up to the US core PCE and French election events in late June. There is a possibility of multiple days of trading below 1.07, indicating tangible risks for the currency pair.
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