A positive background is forming for the European currency. Firstly, on the London interbank lending market, the three-month dollar rate of Libor, which is the benchmark for the interbank market, has renewed its historic low, which indicates a significant surplus of dollars in the banking system. Secondly, oil has renewed its eleven-month maximum and it is one step away from the psychological level of $60 per barrel.

The growth of oil prices traditionally has a negative influence on the value of the dollar, insofar as the raw material is quoted in the US currency. If we look at the classic intermarket gold/oil ratio, we make conclusions that the price of hydrocarbons may rise by 20% more this year, inasmuch as the current figure of 31.9 is still high.

Investment idea: Buy 1.2030/1.2010 and take profit 1.2140.