Yesterday the euro reached a new maximum against the dollar - 1.2091. Worries about terrorist attacks and deficits in the U.S. outweigh excellent economic results. In November the euro strengthened by 4.6% against the greenback. We suppose that the end of 2003 may break limits of 1.22.
Today we see the range of 1.2030 and 1.2130; the rate EUR/USD was about 1.2085 this morning.
CSOB, Investment Research