EUR/USD: Downside opening up towards 1.1200 – ING

In their latest client note, analysts at ING Bank offer their outlook on the EUR/USD pair, citing that there is further downside in play, in the wake of the recent downward revision to the Euro area growth forecasts by the European Commission.

Key Quotes:

“Not many reasons to be cheerful. 

Euro seems unable to get any respite.

A stream of weak EZ and German activity data.

Another hit by the across the board downward revision of European Commission growth forecasts for major EZ countries.

Italy in particular ... 2019 growth forecast slashed to 0.2%.

With the current mild rebound in USD under way, we continue to look for lower EUR/USD … towards the 1.12 level.”