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.