The Euro reached a new maximum against the dollar yesterday - 1.2041, but later retreated from record high to 1.1960. The development of currency pair was supported by ISM index in the U.S., that reached its 20-year's maximum and by information that Mr.Bush removes duty on steel import. Worries concerning protectionism have been among the most important reasons for the dollar depreciating recently.
Today we do not expect any important data in the U.S. The euro should stay in a range of 1.1940 and 1.2040; it is at about 1.1972 in the morning.
CSOB, Investment Research