Energy Scares Coming Back; We Stay Bearish EUR/USD Into Year-End - ING

[forex4you]

Energy Scares Coming Back; We Stay Bearish EUR/USD Into Year-End - ING

<p>ING Research maintains a bearish bias on EUR/USD into year-end.</p><p>"Energy-related news should be more relevant for the euro this week,
with falling temperatures in Europe and the price cap on n oil
coming into effect today. Urals grade crude is trading around $10 below
the $60/bbl cap, but  has already announced that it would prefer
to trim production rather than sell at the embargo price. OPEC+ has held
 production steady and is only scheduled to meet again in February, but
we continue to see risks that a tighter picture in the energy market in
2023 could lead to higher oil and gas sooner rather than later. Given
 the high sensitivity of EUR/USD to the eurozone's terms of trade (which
 is primarily driven by energy prices), further upside risks for energy
commodities equal downside risks for the euro," ING notes. </p><p>"This week, some dollar stabilisation could make the EUR/USD
rally run out of steam around the 1.0600/1.0650 area, and possibly lead
to a more sustainable drop below 1.0450/1.0500. We remain bearish on the
 pair into year-end," ING adds. </p><p>For bank trade ideas, <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&source=gmail&ust=1670358738976000&usg=AOvVaw2eXtjDnyq7cK4c2xrV_acy">check out eFX Plus</a>. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&source=gmail&ust=1670358738976000&usg=AOvVaw2eXtjDnyq7cK4c2xrV_acy">Get it here</a>.

</p>

                This article was written by Adam Button at forexlive.com.

Source: Energy Scares Coming Back; We Stay Bearish EUR/USD Into Year-End - ING

forexlive.com