The dollar went on strengthening against the euro yesterday, but the decrease of American ISM cooled the optimisms. In Europe the EUR/USD rate began and closed at 1.2205 after reaching 1.2105 by midday. In American trade the euro even strengthened from 1.2126 to 1.2204. The most important event is the ECB meeting today that can change sentiment. We expect the EUR/USD rate between 1.2080 and 1.2280; it was at about 1.2225 this morning.
CSOB - Investment Research