ING analyst Francesco Pesole says EUR/USD has limited scope to extend recent gains unless clear signs of de‑escalation in the Middle East emerge. Rising natural gas prices — which have a larger negative impact on eurozone terms of trade than oil — will constrain any euro appreciation independent of other factors. He expects selling around $1.1500 and sees the rate more likely to stabilise within a range than to break higher at this stage.

2026-07-16

ING analyst Francesco Pesole says EUR/USD has limited scope to extend recent gains unless clear signs of de‑escalation in the Middle East emerge. Rising natural gas prices — which have a larger negative impact on eurozone terms of trade than oil — will constrain any euro appreciation independent of other factors. He expects selling around $1.1500 and sees the rate more likely to stabilise within a range than to break higher at this stage.