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ING analysts Chris Turner, Benjamin Schroeder and Dmitry Dolgin discuss how the ECB’s expansion of the EUREP facility underpins the Euro’s international role and may influence EUR/USD. They argue that greater reserve demand for Euro assets and trade invoicing supports a stronger Euro over time, while the ECB appears relatively tolerant of Euro strength, with ING’s baseline seeing EUR/USD higher by year-end. ECB repo expansion and Euro strength “Debate is growing about whether the ECB’s desire for a strong international euro means it is prepared to accept a strong nominal euro as well. The official take will be what the appreciation of the nominal trade-weighted euro means for the ECB inflation forecast and whether inflation undershooting would prompt rate cuts. Our take is that it would require a move much closer to 1.25 in EUR/USD before that conversation grows serious.” “However, the current geopolitical environment seems to have prioritised the need for a global euro. And we certainly seem a very long way from the period in the mid-2000s when the euro’s role as a reserve currency seemed problematic for the ECB. That said, even at these levels, we are hearing today that the French government wants a further economic assessment of whether promoting the use of the euro will push up EUR/USD and hurt French exporters.” “Our current baseline sees EUR/USD ending the year at 1.22 – with upside risks.” (This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.) Source: https://www.fxstreet.com/news/eur-usd-stronger-global-role-supports-upside-bias-ing-202602170646

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Filed under: News - @ February 17, 2026 7:21 am