On Tuesday the euro appreciated against the dollar. With absence of important fundamental data the single currency was supported by increase of German index ZEW. The rate EUR/USD began at 1.1477 in Europe and increased to 1.1506 by the end of trading session. In the U.S. it began at 1.1497, broke the 1.15 limits and closed at 1.1513. It was at 1.1562 in Europe this morning and should move between 1.15 and 1.16.
We do not expect any important fundamental events which might influenced the rate today.
CSOB, Investment Research