Closed in NY at $1.3270 after rate had been pushed to a high of $1.32914 on Greek PSI optimism (results due at 0600GMT Friday). Trade through Asia was contained for the most part within a range of $1.3258/70, the rate settling into this area after touching an early high of $1.3278, with rate seen under downside pressure ahead of the 0600GMT PSI result as traders adjust positions. Newswire reports a 85.8% take up which seems to spark a buy the rumour, sell the fact scenario as rate gets shoved down to $1.3240 on the news. A break under $1.3240 to open a deeper move toward $1.3225/20. Resistance seen into $1.3280 with stronger interest noted between $1.3290/1.3300. Stops seen between $1.3205/10. Interest will now turn to meetings concerning the implementation of CAC’s, as well as IMF decision on Greek aid and the EU conference call. US employment report at 1330GMT the main focus.
EasyForexNews Research Team