The euro appreciated against the American currency on Friday. The rate
EUR/USD opened at 1.1177 in Europe. Expecting positive macro data from the
U.S. it weakened to 1.1133 at midday. But poor retail sales increase and
weak Uni Michigan index changed the trend. The euro strengthened up to
1.1324 and closed at 1.1293. In U.S. trading the rate EUR/USD opened at
1.1186 and closed at 1.1291.
The rate was at 1.1256 this morning and should
stay in a range of 1.1220 and 1.1320. The dollar might depreciate again if
the Empire State index released today is weaker than expected.
Zdenek Safka, Investment Research, CSOB