On Friday the euro began depreciating up to 1.217 against the dollar. Nevertheless, two weak statistical data, i.e. American trade deficit higher than expected and Michigan university index, shot up the single currency up to 1.2370. Today the business sentiment index for the state of N.Y. is released. Only its significant improvement might help the greenback. However, we expect a slight correction after its Friday's loss and movement in a range of 1.2285 and 1.2385.
ČSOB - Investment Research