Yesterday the rate EUR/USD closed practically on the same levels as a day before and the euro moved in a narrow range during the day. By midday the euro was supported by positive European ISM indexes, but much better U.S. non-manufacturing ISM and factory orders helped the dollar. We suppose the volatility on the currency pair EUR/ZUSD will last till the G7 meeting. ECB holds its press conference in the afternoon. However, we do not expect any rate change. The rate EUR/USD was about 1.2540 in the morning and should move between 1.2490 and 1.2590.
CSOB, Investment research