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."

Jul 22, 2025

AUD/USD: Likely to trade in a higher range of 0.6505/0.6545 – UOB Group

The underlying tone in Australian Dollar (AUD) has firmed against US Dollar (USD), but this is likely to lead to a higher range of 0.6505/0.6545 instead of a sustained rise.

NZD/USD: Likely to trade in a range of 0.5940/0.5980 – UOB Group

New Zealand Dollar (NZD) is likely to trade in a range of 0.5940/0.5980 against US Dollar (USD). In the longer run, weakness from early this month has come to an end; NZD is likely to consolidate between 0.5905 and 0.6000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.