EUR/USD is surging higher and reached a daily high of 1.0080. However, economists at Commerzbank believe that the upward movement is set to be short-lived.

EUR should continue to struggle, particularly against USD

“EUR should continue to struggle, particularly against USD. Especially if the energy crisis in the eurozone continues to intensify and signs of a recession increase, and at the same time the market still does not trust the ECB to successfully fight high inflation, the EUR could come under depreciation pressure.”

“The upward movement in EUR/USD could prove to be a brief interlude.”