ING FX strategist Francesco Pesole said that although oil has eased after the US and Iran paused attacks, the euro remains vulnerable and EUR above $1.14 is "somewhat optimistic." He warned any new military strikes could quickly push Brent back to $100/bbl and knock EURUSD below 1.1380. Potential dollar bids ahead of the Fed decision on Wednesday and elevated gas prices, unless tensions ease rapidly, are additional downside risks for the euro.

2026-07-27

ING FX strategist Francesco Pesole said that although oil has eased after the US and Iran paused attacks, the euro remains vulnerable and EUR above $1.14 is "somewhat optimistic." He warned any new military strikes could quickly push Brent back to $100/bbl and knock EURUSD below 1.1380. Potential dollar bids ahead of the Fed decision on Wednesday and elevated gas prices, unless tensions ease rapidly, are additional downside risks for the euro.