On Wednesday the euro broke the 1.24 limit and went on appreciating. During two last weeks it did not reach a new maximum twice only. Since the beginning of December the euro has strengthened by 3.6%. It is very likely that such a trend continues. Passing a 1.25 hurdle may be reached in a few days.
We expect the range of 1.2350 and 1.2450 today, the rate EUR/USD was at 1.2400 this morning.
CSOB, Investment Research