It will have to be seen whether the European Central Bank (ECB) will make action follow hawkish words. Economists at Commerzbank believe that EUR/USD could trade even lower ahead of ECB July meeting.

There is not going to be a lack of ECB hawkish comments

“If we really do see a lift-off EUR might benefit. Until then what probably matters is to what extent the ECB can convince the markets of its intentions.”

“There is not going to be a lack of hawkish comments. The closer the July meeting gets, the more EUR might be able to benefit from that. However, that does not mean that we might not see even lower levels in EUR/USD until then. After all, July is still some way off.”