EUR/USD should continue to feel at ease in the area around 1.09 – Commerzbank

This week's attention will focus on the appearance of Fed Chair Jerome Powell in front of the House of Representatives (today) and the Senate (tomorrow). Antje Praefcke, FX Analyst at Commerzbank, discusses EUR/USD outlook. 

The Fed is increasingly navigating by sight

I have my doubts as to whether Powell will be able to convince the markets today and tomorrow, he would have to go out on a limb as regards the next FOMC meetings. However, as the Fed is increasingly navigating by sight, he will want to avoid any impression that the Fed is committing in advance. Miracles do happen though.

At the moment the ECB seems to be the more convincing hawk. That means that EUR/USD should continue to feel at ease in the area around 1.09.