Commerzbank analyst Michael Pfister said a near-term US-Iran agreement could support a gradual EUR/USD recovery, but only if the deal is durable enough to keep the Strait of Hormuz open. He flagged recent hostilities as casting doubt on such durability, so even a temporary agreement should not be over-interpreted. Commerzbank expects EUR/USD to edge up to $1.16 by month-end.

2026-06-11

Commerzbank analyst Michael Pfister said a near-term US-Iran agreement could support a gradual EUR/USD recovery, but only if the deal is durable enough to keep the Strait of Hormuz open. He flagged recent hostilities as casting doubt on such durability, so even a temporary agreement should not be over-interpreted. Commerzbank expects EUR/USD to edge up to $1.16 by month-end.