The ECB report and Mr. O.Issing's declaration, that ECB did not intend to cut rates, helped the euro to strengthen again. On Thursday the rate EUR/USD went up to 1.2752. The greenback was supported by rumours that bin Ladin was kept, but it weakened again after it was denied. The single currency may strengthen during next days. However, if Bank of Japan intervenes, it must influence the currency pair EUR/USD as well. The rate EUR/USD was at about 1.2750 today and should stay between 1.2685 and 1.2785.
CSOB, Investment research