On Wednesday the currency pair EUR/USD closed without any significant changes. Decrease in EMU's CPI calmed down worries that ECB might intervene. No other impulses were on the market and the rate recorded marginal changes only. In Europe the EUR/USD rate began at 1.2348 and closed at 1.2337, on the same level closed in the U.S. On Thursdays initial claims are released. Estimates are pessimistic after many disappointments; better results should help the dollar. Estimates also take into account decrease of the Philadelphia FRB Index. There is no reason to expect improvements. The rate should move between 1.2290 and 1.2390 today.
ČSOB - Investment Research