Commerzbank on the euro - they say EUR-USD is looking for new drivers around the 1.18 mark. And they are not that easy to come by at present.

  • There is no news from the ECB in the euro zone, and the US is waiting for the new Fed chair to be announced.
  • Even though the agenda for the EU summit also lists a fundamental EU reform in addition to Brexit this is unlikely to lead to much as one important participant in the negotiations is not able to talk yet, as Angela Merkel has not completed the coalition negotiations.
  • ... That means EUR-USD is likely to tend sideways and not to distance itself too far from 1.18

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(Commerzbank note for Thursday ... and still relevant)