In recent days, the euro has managed to hold up well against several currencies. But in the opinion of economists Commerzbankthe euro’s recent move looks reasonably fragile.
The ECB seems to be able to convince the market, for now
“Recent hawkish comments by members of the European Central Bank (ECB) appear to have had an effect. However, this increases the risk of the euro correcting lower if the ECB disappoints at its meeting next week.” .”
“Given that expectations about the extent of the rate hike have gone so far, I find it difficult to imagine that the ECB could meet or even exceed these expectations, thus providing further support to the euro.”
“By the end of next week, at the latest, there is a risk of downward corrections“.
Source: Fx Street
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