Euro Unlikely to Rise Too Much if U.S. Inflation Data Undershoot Forecasts
Dow Jones08-12
0713 GMT - The euro's scope to rise against the dollar looks limited even if U.S. inflation data at 1230 GMT are lower than expected, ING's Chris Turner says in a note. If the data are soft, the euro could challenge last week's high at $1.1580, he says. However, much more of a move "may be too much to ask in quiet summer markets, given we will also see another round of inflation and jobs data--plus the Jackson Hole Federal Reserve symposium--before the Fed decides on policy mid-September." Moreover, Middle East tensions remain unresolved which is keeping European natural gas prices elevated, he says. The euro trades steady at $1.1535.
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