Closed in NY at $1.3235 after recovering off a post ISM low of $1.32045 to $1.3240. Rate nudged up to $1.3242 in early Asian dealing, the market probing for stops above the mentioned recovery high, before turning lower with larger stops below $1.3200 targeted. However, rate met sovereign demand ahead of $1.3210 which thwarted this plan, with rate edging back to the $1.3230 are before settling around $1.3225 into Europe. All Asian centres were open today but trade remained basically subdued ahead of Japan completing their Golden Week holidays Thursday-Friday. Attention will turn to Eurozone employment data, Germany to release data at 0755GMT ahead of Italy at 0800GMT and EZ at 0900GMT, with US ADP data at 1215GMT the early afternoon interest. Mixed in will be Eurozone mfg PMI data from 0743GMT. EUR/USD retains demand interest in the $1.3210/00 area, a break to open a deeper move toward $1.3180, with stops at $1.3170. Resistance $1.3240/50 ahead of $1.3275/85, a break to expose barrier interest at $1.3300.
EasyForexNews Research Team