The euro changed its trend yesterday and strengthened against the dollar. In Europe the rate EUR/USD opened at 1.1449 and after a slight loss to 1.1441 began appreciating. American survey about cuts on labour market in October also supported the single currency. The rate then closed at 1.502. It had only small changes on American trading, i.e. from 1.1482 to 1.1496.
In Europe it opened at 1.1496 this morning and should move between 1.1450 and 1.1550. PMI in services released in Europe today should have little impact only. Factory orders in the U.S. also released today are more important and their decrease might influence the rate.
CSOB, Investment Research