EUR: Consolidation in quiet conditions – ING

EUR/USD looks quite comfortable near the 1.1550 level and, in the absence of market drivers, may hang around that level for a while, ING's FX analyst Chris Turner notes.

Buyers may return in the 1.1500/1520 area

"We imagine buyers would return in the 1.1500/1520 area should the US data weigh on EUR/USD today. The only eurozone data today is June PPI - expected at 0.6% year-on-year. This serves as a reminder that the European Central Bank is more concerned with inflation undershooting than overshooting its targets. As a house, ING still pencils in an ECB rate cut in September - which is clearly a bold call."