The reason was in the weak
April's value of German Ifo index, which showed flatness of German and
European economy. The exchange rate EUR/USD started at 1.1025 and finished
at 1.0989, the Euro even strengthened up to 1.1075 at morning trading
session. The currency pair opened at 1.0986 today and should move between
1.093 and 1.104.
Zdenek Safka, Investment Research, CSOB