The Euro strengthened against the dollar yesterday. The reason was in the
increase of Supply Management Indexes in Europe and in profit taking. In
Europe the rate EUR/USD opened at 1.0804 and closed at 1.0848. In American
trading it started at 1.0788, but soon broke the 1.08 limit and closed at
1.0842 in the afternoon. A lot of statistical data should be released today
which might influenced the rate development. Moreover, ECB has its regular
meeting today and the ECB rate announcement should be released at 13:45. But
no change is expected. The rate EUR/USD opened at 1.0815 today and should
stay between 1.0790 and 1.0890.
CSOB, Investment Research