The Euro moved as we expected. It appreciated against the dollar (up to 1.2380), but moved back later. Possible changes of Japan monetary politics influenced the EUR/USD rate. Today the eurodollar market waits for euro zone inflation report. Favorable inflation data can lead investors to speculations about rate cut. That is why we do not think that the euro will appreciate today and will move within the range 1.2210-1.2310.
CSOB - Investment Research