But the ECB refused to comment on the euro's recent gains and let interest rates on hold at 2%, it sent the euro to 1.28 ( 1.2778). The euro strengthening stopped in the evening due to intervention from Bank of Japan and the euro sank to 1.27. The euro's rally has not finished. Today's payrolls may have a short-term impact only. The rate EUR/USD was at 1.2740 this morning and should stay between 1.270 and 1.280.
CSOB, Investment Research