The rate
EUR/USD started at 1.1631, in Europe it sank up to 1.1715 at noon. This was
the result of Mr. John Snow declaration that the weak dollar did not
represent any problem. Such remarks at G7 finance ministry meeting meant
that American currency might be left for free movements at markets.
During
the second half of the day the dollar erased all losses and finished at
1.1648. The support for American currency was given by White house spokesman
that American government policy against the dollar has not changed. Today
the rate EUR/USD opened at 1.1634 and should move in the range of 1.1610 and
1.1710.
Zdenek Safka, Investment Research, CSOB