On Thursday the euro began trading at about 1.234 against the dollar. It continued in a narrow range not influenced by American initial claims. Nevertheless low levels of the Philadelphia Fed Survey index and the Conference Board Leading Indicators pushed the greenback to 1.2375. Only a small correction helped the dollar before the end of the trading session. Today negative sentiment against the American currency could hardly help the dollar. We assume trading between 1.2300 and 1.2400.
ČSOB - Investment Research