Opened early Europe at $1.2952, EUR/USD closed in NY at $1.2927 following a roller coaster session which saw rate hit lows of $1.2912, recovering to $1.2978 before dropping back to $1.2925 ahead of the close. Moves were mainly dictated by market reaction to stories concerning Greek debt and Spanish bank concerns. Early pressure on EUR/GBP, as US names targeted the barrier at stg0.8000, pressured this rate to lows of stg0.8001, in turn taking EUR/USD to early lows of $1.2924. Rate bounced to $1.2957 before meeting headwinds from EUR/AUD sales following release of better than expected Australian jobs data. Release of Chinese trade data added weight as market reacted to the poor import showing (headline surplus better than expected), taking EUR/USD back to $1.2934. Rate recovered late in the session, meeting resistance above $1.2950 into Europe. Macro demand lifted rate to an extended recovery high of $1.2968 in early Europe, with rate drifting off through the balance of the session to $1.2936 in fairly subdued trade.
EasyForexNews Research Team