Yesterday the euro marked an other historical maximum against the dollar, i.e. 1.2898, and remained just below the 1.29 level. Later on the dollar rebounded after Mr. Trichet expressed worries about the euro strengthening. However, we suppose that the euro weakening is contemporary only and the single currency will continue strengthening during next weeks. But markets could wait today. We expect today's movement in a range of 1.2710 and 1.2810, the rate EUR/USD was at about 1.2765 in the morning.
CSOB, Investment research