ING Bank: The upcoming data release may drive the euro higher

Jinshi data as of August 19th, ING Group of the Netherlands stated that if eurozone wage data continues to rise while US economic data weakens, the euro against the dollar may continue to rise. Analyst Chris Turner said in a report that if the wage rise data for the second quarter of the eurozone announced on Tuesday remains high, investors may drop their expectations of a rate cut by the European Central Bank. “Currently, the market expects the European Central Bank to cut rates by 68 basis points this year, which we think is too much,” Turner said. He said that the upcoming US economic data may weaken, which will support the Fed’s rate cut. He said that given the low actual volatility, if the euro breaks through 1.11 against the dollar, it may accelerate the pump.