Closed in NY at $1.3123 after settling back following a NY afternoon recovery to $1.31376. Trade through the overnight session was contained within a tight $1.3110/32 range, with rate favouring the bottom end into early European dealing. Focus today seen on the Spanish bond auction, FI suggesting the 2-yr auction will perform better than the longer 10-yr, with the French bond auction possibly of more interest ahead of the weekend’s first round election. A light data calendar in Europe, Italy industrial orders at 0800GMT, ahead of US jobless claims at 1230GMT and Phila Fed at 1400GMT. Offers remain in place to $1.3140, more offers extending to $1.3150 with stops above. Further offers then seen into $1.3170 with more stops above. Offers then seen dotted from around $1.3175 through to $1.3220 with further stops above. Support Seen between $1.3110/00, more at $1.3075 ahead of $1.3060/50. Fairly subdued session through Asia, with moves continuing to be mainly influenced by cross driven plays, EUR/GBP and EUR/SEK soft while EUR/JPY buoyant.
EasyForexNews Research Team