Closed in NY at $1.3160, having seen recovery highs in this session of $1.32187, from earlier European lows of $1.3026 as risk was given a boost by release of firmer PMI data. Rate edged higher into early Asia, taking its lead from the AUD rallied through barriers at $1.0750 on the back of stronger than expected trade data. EUR/USD pushed to a high of $1.3197 before faltering, traders noting decent supply greeting the move up with regional names the stand out sellers. Rate settled back between $1.3175/95 through Asian mid session before dropping back to $1.3160, recovering to $1.3185 ahead of the European open before meeting fresh sell interest. Rate currently trades around $1.3170. Focus today remains on Greek debt developments, though market getting a little tired with the agreement to be announced ‘soon’ rhetoric. Spanish and French bond auctions today, though expected to pass with little excitement, with Fed Bernanke at 1500GMT possibly key to further upside gains if he keeps, as expected, to his dovish line. Offers $1.3200 through to $1.3250.
EasyForexNews Research Team