EUR/USD holds near 1.1700 – BBH

EUR/USD is holding firm near the 1.1700 level as the ECB’s latest bank lending survey suggests easing may be nearing its end. Stable credit standards and a slight uptick in loan demand have reduced expectations for near-term rate cuts, BBH FX analysts report.

ECB easing nears end

"EUR/USD is firm around 1.1700. The ECB’s Q2 bank lending survey reinforces the case that the ECB is close to wrapping up easing. Credit standards for firm loans remained broadly unchanged and net demand for loans increased slightly. The swaps markets virtually rule-out odds of a July rate cut and price in one full 25bps cut over the next 12 months."