The dollar remained under pressure on Monday and reached a new minimum at 1.2240 against the euro. The trend to further weakening of the dollar prevails; there are not many reasons to change it. The American trade deficit does not seem to vanish. Markets will observe FOMC meeting today, but no rate change is expected. The rate EUR/USD was at 1.2234 this morning and should stay between 1.218 and 1.227.
CSOB, Investment Research