The US Dollar appreciated on a broad basis on Tuesday. Economists at Commerzbank expect the greenback to remain firm for the time being. The risks for EUR/USD are clearly on the USD side of things for now. Our US economists do not exclude a rate peak at 6% if the data due for publication is sufficiently strong. The immediate rate outlook, therefore, seems to offer further potential despite the renewed upside correction of the US Dollar.
On the Euro side of things, the surprisingly strong fall in inflation expectations for the next three years in the monthly ECB consumer survey yesterday support the doves on the ECB board, thus limiting the upside in EUR/USD for now.
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