Closed in NY at $1.3200 after being pressed to lows of $1.3187. Rate came under pressure into early Asian dealing, a European bank pressing the rate down to an early low of $1.3188 before meeting decent demand from a Swiss name. Rate recovered to the opening level only to come under fresh pressure from sales of EUR/JPY that helped rate mark lows at $1.31806. Traders have reported decent demand interest into $1.3180, adding that interest is said to extend toward $1.3150, though stops seen mixed in below $1.3160. Rate bounced back as EUR/JPY recovered in reaction to the yuan fix, posting overnight highs at $1.3214. However, recovery efforts quickly met sellers with rate pressed back toward earlier lows before it settled between $1.3185/05 ahead of the European open, edging to $1.3200/10 into the session. China trimming its growth forecast to 7.5% has made for a mild risk-off tone into the week with the euro seen under pressure, mainly via the crosses. Resistance seen into $1.3220, with stops above, with interest sellers seen placed from $1.3230 through to $1.3250.
EasyForexNews Research Team