The euro had already risen to similar highs last week. The European Central Bank (ECB) had set the reference rate at 1.0814 (Thursday: 1.0772) dollars before the weekend. In New York, the euro was trading at $1.0833 around 9 p.m. on Friday. At the beginning of the week there is hardly any economic data worth mentioning that could cause stronger price movements on the foreign exchange market. The US is mostly quiet because of a national holiday. The World Economic Forum begins in Davos, Switzerland, and is attended by many high-ranking representatives from politics and business.
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