[ING: US-Iran Tensions Boost ECB Rate Hike Expectations, But Euro's Upside Is Limited] Jin10 News, July 10 – ING analyst Francesco Pesole stated that recent military strikes between the US and Iran have heightened market expectations for another rate hike by the European Central Bank (ECB), but the euro's potential gains are limited. He noted that the renewed escalation of the conflict has tightened the short-term EUR/USD swap spread once again. 'While all of this has injected new confidence into the previously fading expectations of an ECB rate hike in September, the path for EUR/USD to strengthen from this renewed escalation is quite narrow,' he said. He added that EUR/USD may stabilize on Friday as the market awaits clarity on the situation, but there is a risk of it falling below 1.14.