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FX Daily: Back to escalation
April 2, 2026
ING Think
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We have seen the first part of the de-escalation trade in FX. The second – another USD leg lower – requires greater clarity on Strait of Hormuz reopening plans, which currently appear distant after the headlines overnight. A new wave of escalation is now driving EUR/USD down again. Any downside surprise in tomorrow’s US data could support more Fed repricing
ING Think
Coverage and analysis from Netherlands. All insights are generated by our AI narrative analysis engine.
Netherlands
Bias: center
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