EXPERTS AT ING BANK (NYSE:ING) ISSUED THEIR FORECASTS FOR THE PERFORMANCE OF THE EURODOLLAR PAIR IN THE COMING PERIOD, ESPECIALLY SINCE FINANCIAL MARKETS TOOK THE VIEW THAT THE FED IS TOO LATE IN CUTTING INTEREST RATES AND THAT A US RECESSION IS LIKELY.
The ECB economists added that the US Federal Reserve is expected to start cutting interest rates by about 50 basis points at the September 18 meeting, then cut interest rates again by about 25 basis points in November and December, so the US interest rate may fall to 3.50% next summer.
ING Bank experts said that the scenario of a decline in US interest rates could be broadly bearish for the US dollar, although the US elections in November will be pivotal and influential on the performance of the US dollar.
Also, ING Bank economists have indicated that their near-term expectation is that volatility in equity markets will stabilize and the dollar may fall orderly, and that the EURUSD pair may trade above 1.10 pips, although the Eurozone economy does not look great (there is currently an opportunity for Europe-US rapprochement).
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