Yesterday the euro initially touched three-month highs against the dollar, after weak US economic news, but reversed course after the Japanese confirmed that they had intervened in the FX markets. The single currency opened at 1.1629 in Europe and closed at 1.1657. In American trading it began at 1.1670 and closed at 1.1660. Positive values of European PMI should support the euro today, but retail sales in Germany released this morning show weakness in European economic development.
CSOB, Investment Research