The Euro peaked at a new four-year high of $1.1744 against the dollar yesterday in the morning. Later on the American currency erased its loss in
expectation, that A.Greenspan would mention another rate cut in his remarks
to the Joint Economic Committee. In American trading the rate EUR/USD
started at 1.1675 and finished at 1.1639 after strengthening. Today it
started at 1.1638 and should stay between 1.1590 and 1.1690.
Zdenek Safka, Investment Research, CSOB