In Europe the currency pair opened at 1.1622 and the euro was slightly depreciating. The trend changed in the afternoon when initial claims in the U.S. were released. Only small decrease of initial claims supported the euro, it strengthened up to 1.1732. However, the positive level of Phil Fed index helped the dollar again and the euro closed at 1.1590. In the U.S. the rate EUR/USD opened at 1.1620 and closed at 1.1598. It began at 1.1598 and should move in a range of 1.1550 and 1.1640 today. The rate might be influenced by the Uni Michigan consumer confidence index, it should increase. But consumer confidence was, on contrary to business confidence indexes, usually weak.
CSOB, Investment Research