On Thursday the euro began strengthening against the dollar due to positive GDP figures for Germany and France. American afternoon statistics pushed up the single currency again and the EUR/USD rate touched the 1,23 level. However, the greenback bounced back supported by business inventories and closed at 1.2251. Today's focus concentrates on American statistics again. Trade balance might be weak again, on the contrary the uni Michigan confidence index could clear dollar's image. Nevertheless, we expect the euro to strengthen slightly today.
ČSOB - Investment Research