The Euro is able to benefit from the renewed Dollar weakness, but only moderately so compared with other currencies. Thus, we have to be cautious with stories that interpret EUR strength into the recent EUR/USD move in addition to USD weakness, in the view of economists at Commerzbank.

Euro is doing moderately well, no more

“We should not confuse high EUR/USD levels with EUR strength.”

“The Euro is doing moderately well, no more. I see little chance of anything beyond that unless Lagarde finds some very clear words.”