ING analyst Francesco Pesole said the ECB may hint at a September rate hike via media leak after Thursday’s meeting, but such signaling is unlikely to stop the euro falling over the next few days. With FX markets appearing dangerously complacent about the escalating Middle East conflict, ING remains tilted to the downside on the euro and expects EUR/USD to slip toward $1.1380 barring more positive news.

2026-07-23

ING analyst Francesco Pesole said the ECB may hint at a September rate hike via media leak after Thursday’s meeting, but such signaling is unlikely to stop the euro falling over the next few days. With FX markets appearing dangerously complacent about the escalating Middle East conflict, ING remains tilted to the downside on the euro and expects EUR/USD to slip toward $1.1380 barring more positive news.