Commerzbank economists update their forecasts on the EUR/USD. The pair is expected to remain under pressure in the near term before reaching the 1.10 target.
Levels in the 1.06 range should be appropriate in the short term
“In the short term, EUR/USD levels in the 1.06 range seem appropriate to us“.
“The levels of EUR/USD around 1.10 no have (yet) proven to be sustainable. It is only likely that they are when Fed rate cuts are more predictable and, at the same time, the ECB sticks to its rate ceiling of interest.”
“We continue to expect a rise in EUR/USD in the second half of the year, but we have pushed the price target (around 1.10, ie at recent EUR/USD highs) to early 2024.”
“In the long term, we admit that we remain skeptical about the EUR due to skepticism about the material independence of the ECB.”
Source: Commerzbank Research
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
