S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketGrowing consensus that Europe must chart its own strategic path is expected to underpin the Euro (EUR). EUR/USD may see further upside pressure, though resistance around 1.1770-1.1780 remains key, ING’s FX analyst Chris Turner notes.
EUR/USD faces resistance near 1.1780
“Events this week have seen most conclude that Europe needs to be the master of its own destiny. This time last year, US Defence Secretary Pete Hegseth was rubbishing NATO and driving Europe into more defence spending and more German fiscal stimulus.”
“Eurozone 10 year swap rates jumped 40bp on this theme last year and quickly dragged EUR/USD some 5% higher. It is hard to see similar-size moves happening again – unless there is some surprise extra fiscal stimulus emerging – but this is a theme that will provide support to the euro on dips.”
“EUR/USD my face another boost. 1.1770/1780 is intra-day resistance. Any unexpected break of resistance at 1.1810 would prompt us to reassess our neutral EUR/USD view this quarter.”
