According to Chris Turner of ING Groep NV, the euro could decline toward 1.1500 against the U.S. dollar if the Federal Reserve signals a potential interest rate hike. This scenario coincides with soft economic data from the eurozone, which is dampening market expectations for rate increases in the region.

Turner noted that ING Groep NV estimates the fair value for the euro-dollar pair to be in the range of 1.16 to 1.17. However, diverging interest rate dynamics may exert downward pressure on the currency. "There is no strong fundamental case for the euro to break below 1.1500. Yet, if more members of the Federal Open Market Committee hint at raising rates, and as European data continues to disappoint, this could be the direction ahead," he explained. The euro was recently down 0.1%, trading at 1.1627.