On Monday the dollar reversed its last week's slide and stayed in the range at around 1.2370. However, after Treasury Secretary J.Snow confirmed previous Fed declarations that the Federal Reserve can wait before raising interest rates, the greenback lost its ground again. In American trade the euro appreciated from 1.2353 to 1.2405, in Europe it closed at 1.2406. We expect a small correction today in case the German industrial production brings poor results. Otherwise the dollar may depreciate again. The rate EUR/USD was at about 1.245 this morning and should stay between 1.240 and 1.250.
ČSOB - Investment Research