EUR/USD to abandon levels above 1.0850 for now – Commerzbank EURUSD ECB Banks
came under pressure. Understandable, in the view of Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank.“So far one might have hoped that between the end of therate hike cycle and the ECB cycle there might be a period when the ECB is still hiking its key rate but not the Fed. We have not had a situation such as that for quite a while. And once again it is getting less likely that we will see it. That is reason enough for the market to abandon EUR/USD exchange rates above 1.
“What FX traders are interested in is whether the central bank concerned will act sufficiently quickly in case of an inflation shock and whether it will implement sufficiently robust counter-measures. If there is this confidence then the currency concerned is attractive. If, with inflation levels at 9%, the
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