The Euro started weakening against the dollar in Far East markets this week. But European markets strengthened the common currency. At noon the rate
EUR/USD was at 1,1225, i.e. a Cent from last week's maximum. Bur trading
volumes were weak, markets in London and Tokyo were closed due to holidays
and investors expect FOMC decision. In the afternoon the euro went up again
and closed at 1.1278, i.e. near to its four year's maximum, despite good
statistical data published in the U.S.
Today the currency pair opened at
1.1290 and should move in the range of 1.1260 and 1.1380.
Zdenek Safka, Investment Research, CSOB