Euro: Consolidation potential against US Dollar on CPI – ING

ING’s Chris Turner highlights that Eurozone CPI is set to be confirmed at 3.8%, well above the ECB’s target, with markets still digesting hawkish inflation forecasts and pricing around 75bp of further tightening. He sees EUR/USD supported by US tech unease and potentially extending a consolidative move toward 1.1340/50, though he expects USD/CHF to outperform on any deeper US equity correction.