Euro: Rotation into Dollar cash caps gains against US Dollar – ING

FXStreet · FXStreet Insights Team · 2026-11-06 11:28 UTC

Chris Turner at ING describes the Euro’s recent performance as unimpressive, with EUR/USD failing to benefit from the US tech sell-off. He argues that European investors are keeping cash in Dollars and that familiar safe-haven correlations with US Treasuries have returned.

Chris Turner at ING describes the Euro’s recent performance as unimpressive, with EUR/USD failing to benefit from the US tech sell-off. He argues that European investors are keeping cash in Dollars and that familiar safe-haven correlations with US Treasuries have returned. Barring a soft US jobs report, Turner expects EUR/USD to consolidate near 1.12, while ECB pricing for December hikes remains sticky.

Euro struggles despite US tech rout

"It has been a rather unimpressive performance from the euro. We know that the European buy-side is running low hedge ratios on its US investments. Yet a large US tech sell-off is still not enough to prompt much EUR/USD buying at all."

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