Yesterday morning the euro fell back from 1.1625 to 1.1603 against the dollar in Europe. However, the single currency ignored weak German ZEW index, started appreciating and closed at 1.1720. In American trading session the euro opened at 1.1617 and following the same trend closed at 1.1738. This morning the rate EUR/USD opened at 1.1728 and should stay between 1.1680 and 1.1780. The rate development might be influenced by American retail sales. FX markets expect their slight increase (without cars), but any surprise is not excluded.
CSOB, Investment Research