EUR/USD: ING is aiming for 1.30 by the end of the year

ING remains structurally bullish on the EUR/USD despite the outcome of the Italian election and is even targeting 1.30 by the end of the year.

"Overall, the result of the Italian parliamentary election does not alter our bullish scenario for the EUR/USD. We are aiming for 1.30.

As far as the EUR component of the EUR/USD is concerned, this election is not enough to counterbalance the positive economic cycle of the Euro Zone and the beginning of the normalisation of the ECB's monetary policy (end of the QE to begin with, followed by higher interest rates).

The political impact on the euro has declined sharply in recent years," says ING.