On Wednesday Eurodollar markets were volatile. The euro reached again a new maximum at 1.2293. Later the euro weakened to 1.2160 after news that Bank of Japan intervened against yen strengthening. American data released today might support the dollar. However, the absence of further BoJ intervention could move the rate above 1.22.
It was at 1.2175 this morning and should stay between 1.2140 and 1.2240.
CSOB, Investment Research