Woofun AI notes that ING analyst Chris Turner identifies expectations of a further European Central Bank interest rate increase in September as a key support for the euro. He observes that despite oil price surges driven by U.S.-Iran tensions, the euro has demonstrated resilience as the yield spread narrows in its favor.

However, Turner emphasizes that the Federal Reserve's interest rate outlook remains "the more dominant theme," which could drive the euro below 1.14 against the dollar.