Chris Turner ...
  • Petr Krpata, CFA
EUR 90.43 For Business Accounts Only

Daily FX Strategy/European re-rating?

EUR/USD has been supported by GBP and we see that trend continuing in the near term. As above, investors were very pessimistic on Europe at the start of the year (and underweight European assets) and there's a case to be made for a modest re-rating of European FX if trade trends calm, China can support its domestic economy and clarity emerges on Brexit. In a week's time we'll see the March PMI releases for the Eurozone, which could show some more stability – e.g. will manufacturing PMI follow services higher? Negative rates in the Eurozone don't make EUR/USD an attractive proposition for the time being, but it can probably still limp towards the 1.1370/1400 area. Elsewhere finally a sensible move in FX markets! EUR/NOK has finally broken below 9.70 buoyed by high oil prices and the prospect of a Norges Bank rate hike next Wednesday. We favour 9.65 in the short term and 9.50 this summer. The same can be said of the HUF, where it seems all systems are go for the NBH to start its normalisation process on 26 March. EUR/HUF could see 312.80/313.00.

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Chris Turner

Petr Krpata, CFA

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