The euro weakened against the dollar yesterday due to doubts about European economic recovery. However, violence in Iraq and threats of terrorist attacks prevented the dollar to appreciate stronger. The rate EUR/USD opened at 1.2099 and closed at 1.2085. This morning the rate fluctuates about 1.2085. We do not expect any significant moves because London and Frankfurt markets are closed today. The rate EUR/USD should move between 1.202-1.212 EUR/USD.
ČSOB - Investment Research