Yesterday the euro was traded in a range of 1.2350 and 1.2391 against the dollar. Markets were carefully expecting results of EMU ministry of finance meeting. However, the agenda did not touch the problem how to stop the euro strengthening. It might be impetus for the euro strengthening. The most important event is the G7 meeting in February and markets are supposed to wait for it. The rate EUR/USD was at about 1.2415 this morning and should stay between 1.240 and 1.250.
CSOB, Investment research