Mr.Schroeder's complains against
the ECB and its rate policy pushed the euro low. ECB refused complains
emphasizing that not only ECB but also governments have to support export
activities. On Friday the rate EUR/USD opened at 1.1321 and closed at
1.1297. It started at 1.1295 in the U.S.A.; the dollar went on strengthening
and closed at 1.1279. It moves at about 1.1268 this morning and should stay
between 1.1230 and 1.1310.
Zdenek Safka, Investment Research, CSOB